Coldwell: Home affordability strong in many real estate markets
The average listing price for a home in the U.S. is $292,152. About 36% of the real estate markets analyzed had an average home listing price of less than $200,000, indicating affordability remains strong in many markets, according to Coldwell Banker Real Estate’s Home Listing Report.
The Coldwell Banker report analyzed more than 72,000 home listings in more than 2,500 markets by comparing the listing prices of similar homes in markets across from the country from January to June of this year.
Five of the most expensive real estate markets are located in California, with four out of the five markets located in the San Francisco Bay Area.
Los Altos, Calif. tops the list, followed by Newport Beach, Saratoga, Melo Park and Palo Alto.
"The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area," said president Rick Turley of Coldwell Banker Residential Brokerage in the San Francisco Bay Area.
The most expensive state to live in is Hawaii with the average listing price of a four-bedroom, two-bathroom home is $742,551.
In contrast, the most affordable market is Redford, Mich., with the average home listed at $60,490.
Four of the top 20 most affordable markets are located in Michigan, particularly in the metro-Detroit region.
"Where Michigan was one of the first states impacted by the recession, it’s also been one of the first states to recover," said chief executive officer Kelly Sweeney of Coldwell Banker Weir Manuel. “Nobody ever gets priced out of Redford, putting the American Dream within grasp of nearly everybody.”
In the South, Georgia and Florida each have four of the 20 most affordable markets.
"Each year, our home listing report captures an insightful look at local market conditions and emerging trends in real estate," said president Budge Huskey of Coldwell Banker Real Estate. "We recognize that buying a home is a significant life decision, and we do this apples-to-apples comparison of similar homes to provide homebuyers with useful information about the many great opportunities that exist around the U.S."