Housing
The 10 Most Expensive Real Estate Markets Are in California
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Draw 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.
RANKÂ Â Â MARKETÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â STATEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â 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 Â Â CITYÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â STATEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 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.
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