Latest Home Listing Report Ranks Most Expensive and Affordable Cities to Buy a Home

The 2014 Coldwell Banker Real Estate Home Listing Report shows just how important location, location, location really is.

Real estate has always been about location, but it can be hard to put a price tag on what that really means. Now, a new report analyzes what similar homes cost in nearly 2,000 real estate markets across the United States, providing a more apples-to-apples comparison of prices across the country.

For more than 30 years, Coldwell Banker has delivered an annual report that helps show just how important location really is. By studying nearly 2,000 towns and cities across the United States, the 2014 Coldwell Banker Real Estate Home Listing Report shows that location can be worth as much as $1.9 million. That’s the difference between the most expensive and affordable markets. The report analyzes the average listing price of 51,000 four-bedroom, two-bathroom homes in all 50 states.

For the second time in three years, Los Altos, Calif. ranks as the most expensive real estate market in the country, where that size home averages $1,963,100. That’s six times the national average! With the tech boom getting hotter each year, it’s no surprise that Los Altos continues to be one of the most coveted places to live. In fact, California’s Silicon Valley is home to seven of the 10 most expensive cities in this year’s report.

“Los Altos is such a special place because you get a small town feeling while being right next door to some of the most successful technology companies in the world,” said Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos, Calif. “Plus, the weather can’t be beat. People who live here can’t imagining living anywhere else.”

On the other end of the spectrum, Cleveland, Ohio ranks as the most affordable city in the country at $64,993. The Midwestern town, which is home to the Rock and Roll Hall of Fame, is experiencing its own resurgence of growth.

“I’ve always known that Cleveland is great, but now other people are starting to realize it as well,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland. “There is clearly a positive vibe in the city and its suburbs. So much is happening here, the downtown resurgence and of course the buzz of Johnny Manziel and LeBron. Being affordable is fantastic, and when you add in our Midwestern charm, we have a special, special place to call home.”

Here are the top five most expensive and most affordable markets in the Home Listing Report this year:

Most Expensive Markets to Buy a Home
1) Los Altos, Calif. – average listing price: $1,963,100
2) Newport Beach, Calif. – average listing price: $1,904,083
3) Saratoga, Calif. – average listing price: $1,867,980
4) Redwood City / Woodside, Calif. – average listing price: $1,430,329
5) Los Gatos, Calif. – average listing price: $1,307,408

Most Affordable Markets to Buy a Home
1) Cleveland, Ohio – average listing price: $64,993
2) Riverdale, Ga. – average listing price: $68,207
3) Park Forest, Ill. – average listing price: $75,647
4) Lake Wales, Fla. – average listing price: $82,330
5) Lithonia, Ga. – average listing price: $94,076

Check out the full Home Listing Report to see how your town ranks compared to the most expensive and affordable markets in the country.

“It’s amazing to see how much location can make a difference in the price of a home,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “But no matter where your hometown ranks, we all have that same sense of pride.”

Victoria Keichinger is the Brand Engagement Manager with Coldwell Banker Real Estate. She grew up in New Jersey, before attending the University of Miami and still remains a proud 'Cane. Going back to her roots, she currently lives in Hoboken, NJ where she enjoys runs along the Hudson and eating at great restaurants. A true francophile, she loves to travel and will go anywhere there are ski slopes.

40 Comments

  1. Latest Home Listing Report Ranks Most Expensive and Affordable Cities to Buy a Home | Janet Glowacki's Blog
    November 12, 2014

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  18. California Home to Nine Out of the 10 Most Expensive Housing Markets | Live and Internet Classes!Live and Internet Classes!
    November 13, 2014

    […] housing may find extremely limited selections in California. According to the newly released 2014 Home Listing Report from Coldwell Banker, nine of the nation’s 10 most expensive housing markets are based in […]

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  19. Get a clue
    November 13, 2014

    Redwood City is not Woodside.

    Reply
    • Missing
      November 19, 2014

      Hillsborough, Atherton, Burlingame, Bueller… Bueller?

      Reply
  20. Most and Least Expensive Housing Markets, at Least for Today -
    November 13, 2014

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  21. Another way to look at America’s least affordable housing markets – Quartz
    November 14, 2014

    […] latest report by real estate agent Coldwell Banker on prices of family homes found across the US found, for the second time in three years, that […]

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  22. Another way to look at America’s least affordable housing markets « Press List
    November 14, 2014

    […] latest report by real estate agent Coldwell Banker on prices of family homes found across the US found, for the second time in three years, that the […]

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  23. Bob
    November 18, 2014

    These reports are terrible…not sure who does the statistic studies/research. The cheapest 4 bedroom in Santa Monica California on the MLS starts at $1.94mm. $1.94mm won’t even buy a tear down in Beverly Hills.

    $ per sq ft might be a better indicator. I hate how Manhattan is never taken into consideration as they are merged with the other NYC borough. Plus since are no single family homes in NYC…they are often completely left off.

    Reply
    • Neil Belair
      November 23, 2014

      Bob, mm does not stand for millions, but for millimeters—25.4mm= 1 inch. so you must be very wealthy based on your square footage.

      Reply
      • Bob
        November 24, 2014

        Very wealthy? No. But enough to be semi retired considering in my 30’s and proud to say self made

        Reply
      • Bob
        November 24, 2014

        Neil…if you worked in trading/finance/investments like I did, you’ll know that is investment lingo for millions.

        thought I’d share

        Reply
  24. Will Google and LA’s tech industry expansion make housing even more … | Tech Reformers
    December 4, 2014

    […] Thanks in partial to tech wealth, Silicon Valley has a many costly housing in a nation. A four-bedroom, two-bathroom residence in Los Altos costs, on average, $2 million. And Silicon Valley has 7 of a 10 many costly cities for houses buyers, according to a Coldwell Banker report. […]

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    […] Banker’s Home Listing Report is a study published annually, covering close to 2,000 American cities and metropolitan markets. […]

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    […] Reprinted from Coldwell Banker Blue Matter, November 13, 2014. […]

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  28. Most and Least Costly Housing Markets, As We Speak - Estate Rich
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    […] the most inexpensive? How about hapless Detroit, the place they're giving away houses? The Coldwell Banker report thought-about 50,000-plus of its personal listings, in locations that had not less than 10 […]

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  29. Michael Cap
    October 13, 2015

    Los Altos is indeed prime real estate! Found a nice graph of the trends here: http://losaltosreal.estate/

    Reply
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