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Sunday, September 26, 2010
Most Expensive and Affordable U.S. Housing Markets
Coldwell Banker Real Estate LLC released its Home Listing Report, a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America’s most expensive and most affordable housing markets. Newport
Beach, Calif., led the list of most expensive real estate markets in America, with an average home listing price of approximately $1.83 million for property listings meeting the subject home criteria. By contrast, America’s most affordable housing market was Detroit, Mich., with an average home listing price of approximately $68,000. The Coldwell Banker Home Listing Report (HLR) is the brand’s latest development designed to provide comprehensive information on real estate data from around the country for homebuyers and sellers. The HLR provides the average home listing price of more than 18,000 four-bedroom, two-bathroom properties on coldwellbanker.com that were listed between February and August 2010 from nearly 300 select U.S. markets where Coldwell Banker Real Estate has a presence. The U.S. average for the surveyed listings was approximately $353,000. Markets included in this report were required to have at least six properties fitting the above criteria within the relevant timeframe. Known for its sandy beaches and historic Balboa Pavilion (established in 1906), Newport Beach, the most expensive market, has been the backdrop to numerous television shows including “The O.C.” and “Arrested Development.” Detroit, the most affordable market, is the only major U.S. city that looks South to Canada. Residents of the Motor City take great pride in Red Wings hockey and appreciate the city's hard-working industrial and automotive history. "Coldwell Banker Real Estate has released national real estate market reports annually for many years to provide consumers with insight into local market conditions,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “Our study shows that homeownership in the United States is generally affordable, with nearly 30 percent of the studied markets averaging $200,000 or less for a four-bedroom, two-bathroom home – a size many buyers aspire to own. Today those who have the financial resources and a desire to move up to a larger home have a unique opportunity to take advantage of historically low mortgage interest rates coupled with comparatively lower prices and greater selection.” 2010 Coldwell Banker U.S. Home Listing Report – Highlights * America's Most Affordable Markets: In addition to Detroit, America's most affordable real estate markets are as varied in culture and trivia as they are in listing price ranges: * Grayling, Mich., is home to many top cross-country skiing destinations. * Sioux City, Iowa, has been recognized as a top U.S. economic community for areas between 50,000 and 200,000 people. * Cleveland, Ohio, is home to the Rock and Roll Hall of Fame. * Muncie, Ind., has gained notoriety for its successful prep sports programs. * Norfolk, Neb., is home to many healthcare and manufacturing companies. * Kansas City, Mo., is just behind Rome, Italy, for the largest number of fountains in a city (more than 200). * Canton, Ohio, is home to the Professional Football Hall of Fame. * Port Huron, Mich., features the School of Strings, which presents over 50 concerts a year with its Fiddle Club, Faculty and Student Ensembles. * Topeka, Kan., was once temporarily renamed "Topikachu," in honor of the Pokémon franchise. * Homeownership Affordability: In total, there are 85 U.S. markets in the HLR with average reported listing prices less than $200,000. There are 183 markets (out of a total of 296 surveyed) that are less than $300,000. * Great Midwest: Michigan has three markets on the most affordable housing list (Detroit, Grayling and Port Huron), and all 10 of the most affordable markets are in the Midwest. * 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. The average $68,000 four-bedroom, two-bathroom home in Detroit could average less than $350 a month. * Pacific Paradise: Out of the 10 most expensive real estate markets, six are from California: Newport Beach, Palo Alto, San Francisco, La Jolla, Pasadena and Santa Barbara. * Above $750,000: The survey included 25 housing markets where the average listing price for the subject home was more than $750,000, including 10 markets whose average listing price exceeded $1 million.