Oct. 12, 2010
PRICE GAP: Coldwell Banker Issues Report of Most Expensive, Most Affordable U.S. Housing Markets
Newport Beach, Calif. Tops Most Expensive Housing Market List; Detroit is Most Affordable Market
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
Coldwell Banker Real Estate LLC has 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.
Two West Virginia markets are included in this latest survey: Beckley, the most expensive, at $238,344, and Parkersburg, the most affordable, at $164,261.
The Coldwell Banker Home Listing Report (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, specifically the city of Windsor, Ontario. 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 home ownership 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.”
For details, click HERE.
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PRICE GAP: Coldwell Banker Issues Report of Most Expensive, Most Affordable U.S. Housing Markets
Newport Beach, Calif. Tops Most Expensive Housing Market List; Detroit is Most Affordable Market
By David M. Kinchen
Huntingtonnews.net Real Estate Writer
Coldwell Banker Real Estate LLC has 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.
Two West Virginia markets are included in this latest survey: Beckley, the most expensive, at $238,344, and Parkersburg, the most affordable, at $164,261.
The Coldwell Banker Home Listing Report (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, specifically the city of Windsor, Ontario. 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 home ownership 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.”
For details, click HERE.
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