The 10 Most Expensive Real Estate Markets Are in California
September 8, 2016 by Douglas A. McIntyreDraw a ring about 25 miles in radius around San Francisco, and in the circle will be the 10 most expensive real estate markets in the United States. All 10 have average home prices above $1.47 million.
According to a study by real estate firm Coldwell Banker, the most expensive market is Saratoga, just south of San Jose. The average home price for a four bedroom, two bathroom home there is $2,453,718 based on research in the 2016 Coldwell Banker Home Listing Report” The report is based on more than 50,000 listings from over 2,000 markets. A total of 2,168 markets made the final cut.
RANK MARKET STATE AVERAGE PRICE
1 Saratoga CA $2,453,718
2 Newport Beach CA $2,130,338
3 Cupertino CA $1,812,833
4 Redwood City CA $1,807,068
5 Arcadia CA $1,748,680
6 Carmel CA $1,722,500
7 San Francisco CA $1,672,100
8 La Canada Flintridge CA $1,571,846
9 Sunnyvale CA $1,566,616
10 Los Gatos CA $1,470,524
The market with the least expensive homes are primarily in the Rust Belt. Detroit is at the bottom of the list of at number two with 168. The average home price there is $64,100. Following it, Cleveland at $73,073. Of the seven cities at the bottom, six are in western New York, Michigan, Ohio or Pennsylvania.
The Bottom 10:
RANK CITY STATE AVERAGE PRICE
2168 Detroit MI $64,110
2167 Cleveland OH $73,073
2166 Park Forest IL $78,392
2165 Jamestown NY $88,891
2164 Utica NY $92,891
2163 Wilkes-Barre PA $94,436
2162 Scranton PA $104,842
2161 Huntington IN $105,614
2160 Augusta GA $106,567
2159 Palatka FL $110,655
Charlie Young, president and chief executive officer of Coldwell Banker Real Estate commented:
Silicon Valley has been at the forefront of innovation in the U.S. for years, with leading tech companies attracting some of the brightest entrepreneurial minds in the world. Clearly, the amenities of the region are also impacting home prices. While there are 25 communities in the U.S. where the average price of a four-bed, two-bath home is more than $1 million, it’s fascinating to find that nearly 40 percent of the cities we studied had like-sized homes for less than $250,000.
Being middle class may not be so bad.
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