The Most Expensive Real Estate Market in the Country Is…
Coldwell Banker released this year’s Home Listing Report (HLR) and each of the top ten most expensive cities were in California. Saratoga, CA took the top spot. Here’s why.
Saratoga is an enclave of about 30,000 residents on the western edge of Silicon Valley. It’s known for its blended small-town feel and big-city attractions – and as of today, it’s also known as the most expensive real estate market in the U.S.
Coldwell Banker ranked over 2,000 U.S. cities in the 2016 Home Listing Report. Because the average size home can vary greatly from market to market, the report compares the average price of four-bedroom, two-bathroom homes in each city to provide a more apples-to-apples comparison.
A sample-size home goes for an average of $2,453,718 in Saratoga. California dominated the top ten spots on this year’s Home Listing Report, and six of those markets are in Silicon Valley. Overall, the average price of such a home in California as a whole was $560,091 – making it the third most expensive state in America following Hawaii and Massachusetts.
Top 10 Most Expensive Markets
- Saratoga*, Calif., $2,453,718
- Newport Beach, Calif., $2,130,338
- Cupertino*, Calif., $1,812,833
- Redwood City*, Calif., $1,807,068
- Arcadia, Calif., $1,748,680
- Carmel, Calif., $1,722,500
- San Francisco*, Calif., $1,672,100
- La Cañada Flintridge, Calif., $1,571,846
- Sunnyvale*, Calif., $1,566,616
- Los Gatos*, Calif., $1,470,524
*Indicates Silicon Valley
Why is Saratoga so pricey? As with all real estate, it’s because of the city’s location, location, location – Silicon Valley.
Nancy Robinson, regional vice president of Coldwell Banker Residential Brokerage San Francisco Bay Area says, “Saratoga has long been known for attracting Bay Area business executives. The continued success of the technology industry coupled with the ongoing demand for properties, exclusivity, highly-ranked public schools and comparably larger lot sizes of the area have made Saratoga one of the most desirable places to live in Silicon Valley.”
Curious to see what a standard four-bed, two-bath in Saratoga looks like? Check out this property listed for $1.988 million in the hills of Saratoga.