The five most expensive metro housing markets are all in California, according to Coldwell Banker Real Estate LLC's 2012 Home Listing Report. However, the most expensive statewide housing market lies far west of the Golden Gate Bridge.
The new report finds that four of the five most expensive markets are in the San Francisco Bay Area, with Los Altos topping the list at $1.7 million, followed by Newport Beach ($1.65 million), Saratoga ($1.58 million), Menlo Park ($1.5 million) and Palo Alto ($1.49 million).
Despite the pricey metro markets, California was not the most expensive state in terms of home prices. The average listing price of a four-bedroom, two-bathroom home in California ($431,625) is less than both Hawaii ($742,551) and Massachusetts ($489,063). The least expensive state was Nebraska, where the average listing price of a four-bedroom, two-bathroom home is $145,360.
‘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,’ says Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area. ‘Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live.’
In contrast, the most affordable metro market this year is Redford, Mich., where a similar home, four-bedrooms, two-bathrooms, is listed at $60,490 – a listing price difference of more than $1.6 million. In fact, 28 homes can be purchased in Redford for the price of a similar home in Los Altos.
Overall, the report found the average listing price of a four-bedroom, two-bathroom home in the U.S. to be $292,152. Affordability remains strong in many markets across the country, as 36% of the markets analyzed by the report had an average home listing price of less than $200,000 for four-bedroom, two-bathroom homes.