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Homebuyers in search of affordable housing may find extremely limited selections in California. According to the newly released 2014 Home Listing Report from Coldwell Banker, nine of the nation’s 10 most expensive housing markets are based in California.
The annual report includes market data for nearly 2,000 real estate markets, analyzing more than 51,000 similar-sized four-bedroom, two-bathroom homes. For the second time in three years, Los Altos, Calif., was named the most expensive U.S. real estate market, where a four-bedroom/two-bathroom home averaged $1,963,100—six times the national average.
“Los Altos is such a special place because you get a small town feeling while being right next door to some of the most successful technology companies in the world,” said Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos, Calif. “Plus, the weather can’t be beat. People who live here can’t imagining living anywhere else.”
The other California cities in the top 10 included Newport Beach ($1.9 million for a four-bedroom/two-bathroom house), Saratoga ($1.8 million), Redwood City/Woodside ($1.4 million), Los Gatos ($1.3 million), San Francisco ($1.29 million), Sunnyvale ($12.6 million), Moraga ($1.1 million) and San Mateo ($1.093 million). The sole non-California location came in 10th: Wellesley, Mass., at $1.090 million.
On the other end of the spectrum, Cleveland ranked as the most affordable city in the country at $64,993.
“I’ve always known that Cleveland is great, but now other people are starting to realize it as well,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland. “There is clearly a positive vibe in the city and its suburbs. So much is happening here, the downtown resurgence and of course the buzz of Johnny Manziel and LeBron. Being affordable is fantastic, and when you add in our Midwestern charm, we have a special, special place to call home.”
The other most affordable markets, according to the survey, were Riverdale, Ga., with an average listing price of $68,207; Park Forest, Ill. ($75,647); Lake Wales, Fla. ($82,330); and Lithonia, Ga. ($94,076).