(9/24/2010) ERATE Exclusive - It's called the Golden State for good reason -- for better or
for worse.
Six of Coldwell Banker's most expensive housing markets are in
California, with all the most affordable markets in Midwestern states.
Coldwell Banker's latest Home Listing Report calculates
the average home listing price based on more than 18,000 four-bedroom,
two-bathroom properties listed on ColdwellBanker.com between February and
August 2010 from 296 select U.S housing markets.
The U.S. average for the surveyed listings was approximately
$353,000.
Coldwell Banker Real Estate has released national real
estate market reports annually for many years to provide consumers with
insight into local market conditions," said Jim Gillespie, Coldwell's chief
executive officer.
• Newport Beach, CA - $1,826,348
• Palo Alto, CA - $1,479,227
• Rye, NY - $1,325,500
• San Francisco, CA - $1,325,103
• La Jolla, CA - $1,210,300
• Greenwich, CT - $1,195,614
• Wellesley, MA - $1,080,458
• Pasadena, CA - $1,043,683
• Honolulu, HI - $1,026,821
• Santa Barbara, CA - $1,024,661
The survey included 25 housing markets where the average listing price
for the subject home was more than $750,000, including 10 markets whose
average listing price exceeded $1 million.
• Detroit, MI - $68,007.00
• Grayling, MI - $84,625.00
• Sioux City, IA - $85,967.00
• Cleveland, OH - $87,240.00
• Muncie, IN - $100,314.00
• Norfolk, NE - $107,814.00
• Kansas City, MO - $112,449.00
• Canton, OH - $114,325.00
• Port Huron, MI - $116,267.00
• Topeka, KS - $116,343.00
The survey included 183 U.S. markets with average prices less than
$300,000 and 85 markets with average reported listing prices of less than
$200,000.
"Our study shows that homeownership in the United States is generally
affordable, with nearly 30 percent of the studied markets averaging $200,000
or less for a four-bedroom, two-bathroom home," Gillespie said.
To put that perspective, a $200,000 30-year-fixed mortgage at a 4.5
percent rate could cost a buyer a monthly mortgage payment of just above $1,000.
The average $68,000 four-bedroom, two-bathroom home in Detroit could average
less than $350 a month.
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