The West Coast believes it’s also the best coast, but according to the 2015 Coldwell Banker® Home Listing Report (HLR), it’s also the most expensive coast when it comes to housing.
The HLR revealed that half (50) of the top 100 most expensive markets in the United States are in California, including nine of the top 10. Newport Beach topped the list where the average listing price of a four-bedroom, two-bathroom home is $2,291,764— seven and a half times the national average and 30 times the cost of a similar home in the country’s most affordable market. Palo Alto came in a close second with an average listing price of $2,066,600. Looking at the state as a whole, the average listing price of a four-bedroom, two-bathroom home in California is $501,781.
“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. To see the full state ranking for 2015, visit the California section of the HLR.
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.