MADISON, N.J. - Nov. 10, 2015 // PRNewswire // - West Coast may think it's the #BestCoast, but according to the Coldwell Banker® Home Listing Report (HLR), it's also the most expensive. Today, Coldwell Banker Real Estate LLC, the original Silicon Valley real estate startup founded in 1906, released its annual HLR, revealing that half (50) of the top 100 most expensive markets in the United States are in California, with Newport Beach topping the list where the average listing price of a four-bedroom, two-bathroom home is $2,291,764. In contrast, Cleveland ranked as the most affordable market for the third consecutive year, with an average four-bedroom, two-bathroom home listed at $74,502 –– a listing price difference of $2.2 million when compared to country's most expensive market.
"The beauty of Newport Beach combined with the continued tech sector growth in Silicon Valley is powering California's dominance of the most expensive communities in our report," said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. "On the opposite side, home affordability coupled with the economic and cultural renaissance makes Cleveland very attractive. We see that 45 percent of the most affordable markets are in the Midwestern states."
The annual report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two bathroom homes in more than 2,700 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker® HLR analyzes more than 81,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
"We're thrilled to see Newport Beach back on top of this year's most expensive market ranking," said Jamie Duran, president of Coldwell Banker Residential Brokerage for Orange County and San Diego companies. "Known for its picturesque beaches and exclusive dining, shopping and culture, Newport Beach has all the amenities and vibrant economy to make it home to the world's luxury lifestyle connoisseurs."
The average listing price for a home in Newport Beach is seven and a half times the national average and 30 times the cost of a similar home in the country's most affordable market, Cleveland.
"Cleveland's community, revitalized downtown and renewed sense of pride have contributed to the rapid growth in this market," said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland. "Many first-time home buyers and young professionals are looking at Cleveland as an affordable place to settle down and enjoy all of the great things the city has to offer."
Key Highlights from the 2015 Coldwell Banker® Home Listing Report:
The top 100 most expensive and most affordable real estate housing markets in the 2015 Coldwell Banker® Home Listing Report are:
View Original for Full Data Table
*Indicates the most expensive or affordable market in the state
A list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker HLR website.
The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between December 2014 and June 2015 for 81,417 listings in 2,722 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between December 2014 and June 2015 were excluded from the ranking.
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of approximately 3,100 independently owned and operated franchised broker offices in 49 countries and territories with more than 88,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create a iPhone application with international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker System is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program delivering exceptional experiences for all consumers served.
SOURCE Coldwell Banker Real Estate LLC
David Siroty
Coldwell Banker Real Estate LLC
973.407.7199
David.Siroty@coldwellbanker.com
Katy Hendricks
CooperKatz
For Coldwell Banker Real Estate LLC
917.595.3057
Khendricks@cooperkatz.com
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate.