Three Bay Area Cities Among Top 10 Most Expensive Housing Markets in the Country

Four bedroom, two bathroom home in Los Gatos

Coldwell Banker Real Estate LLC today released its Home Listing Report (HLR), a snapshot survey of listing prices for four-bedroom, two-bathroom homes in more than 2,300 North American markets.  Saratoga, Los Gatos and Cupertino ranked among the top 10 most expensive on the list.

The survey found Newport Beach as the country’s most expensive market, where the average four-bedroom, two-bathroom home has a listing price of $2,537,126.  Niagara Falls, N.Y. at $61,000 came in as the most affordable market.  Saratoga ranked fifth in the report at $1,281,889, Los Gatos was sixth at $1,261,176 and Cupertino ranked tenth at $1,140,656. 

The Coldwell Banker HLR provides the average home listing price of four-bedroom, two-bathroom properties on coldwellbanker.com that were listed between September 2010 and March 2011 from more than 2,300 North American markets.  Markets included in the U.S. report were required to have at least 10 properties fitting the above criteria within the relevant timeframe. 

Rounding out the top 20 markets in the country, San Carlos ranked 11th at $1,108,417, Redwood City ranked 14th at $1,014,909, Belmont ranked 15th at $1,010,030, San Rafael ranked 16th at $977,438 and Mountain View ranked 17th at $961,089.

“This year’s home listing report is by far the most in-depth local market source of data that Coldwell Banker has ever released,” said Rick Turley, president of Coldwell Banker Residential Brokerage. “We’ve included nearly ten times more markets than ever before, which gives us unmatched real estate insight into thousands of North American cities.  We know that home buying remains a deeply personal lifestyle decision, and we believe that reports like this, along with trusted real estate agents, will help to today’s buyers make smart decisions.”

An interactive graphic summarizing the full results of the Coldwell Banker Home Listing Report is available on www.coldwellbanker.com.  Full national data can be accessed on the Home Listing Report website, and additional state data can be found at http://hlr.coldwellbanker.com/us2011/california.html.

2011 Coldwell Banker U.S.HLR – Highlights

  • Homeownership Affordability:  In total, there are 775 U.S. markets in the HLR with average reported listing prices less than $200,000.  
  • Pacific Paradise: A total of 194 real estate markets in California made the list.  Out of the 10 most expensive markets, six are from California: Newport Beach, Pacific Palisades, Rancho Palos Verdes, Saratoga, Los Gatos and Cupertino. 
  • Most Affordable:  The most affordable California market was Rosamond, about 75 miles southeast of Bakersfield in Kern County, at $108,263.  
  • California Above Average:  Compared to the national average of $293,251, the average four-bedroom, two-bathroom home in California overall was $431,045.
  • Low Monthly Payments:  Put in perspective, a $200,000 30-year-fixed mortgage at a 4.5% rate could cost a buyer a relatively low monthly mortgage payment of just above $1,000. 
  • Above $750,000: The survey found 24 California markets where the average listing price for the subject home was more than $750,000, including 10 at more than $1 million. 
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