California Dominates New List of Most Expensive Housing – NMP Skip to main content

California Dominates New List of Most Expensive Housing

Phil Hall
Sep 08, 2016
California’s housing market set a new record for its median home price in May with $600,860, breaking an 11-year-old record peak price of $594,530, according to the California Association of Realtors (CAR)

California housing is so expensive—pause for reader to ask, “How expensive it it?"—that the state occupies all 10 rankings among the top 10 list of priciest residential markets in Coldwell Banker’s 2016 Real Estate Home Listing Report, with six rankings based in the Silicon Valley region.

Coldwell Banker uses a four-bedroom, two-bathroom home to reach its data conclusions. For this report, the California markets that reigned as most expensive were Saratoga (where a four-bedroom/two-bathroom home averages $2.45 million), followed by Newport Beach ($2.1 million), Cupertino ($1.81 million) Redwood City ($1.8 million), Arcadia ($1.74 million), Carmel ($1.72 million), San Francisco ($1.67 million), La Cañada Flintridge ($1.57 million), Sunnyvale ($1.5 million) and Los Gatos ($1.47 million).

“While there are 25 communities in the U.S. where the average price of a four-bed, two-bath home is more than $1 million, it's fascinating to find that nearly 40 percent of the cities we studied had like-sized homes for less than $250,000,” said Charlie Young, president and CEO of Coldwell Banker Real Estate LLC.

As for the other end of the price spectrum, Detroit was ranked as the most affordable city, where one could buy a four-bedroom/two-bathroom home for $64,110. The other most affordable markets, as per Coldwell Banker’s metric, were Cleveland ($73,073), Park Forest, Ill. ($78,392), Jamestown, N.Y. ($88,891), Utica, N.Y. ($92,891), Wilkes-Barre, Pa. ($94,436), Scranton, Pa. ($104,842), Huntington, Ind. ($105,614), Augusta, Ga. ($106,567) and Palatka, Fla. ($110,655).

Published
Sep 08, 2016
Open Mortgage Names New President

Joe Stephenson, formerly of American Advisors Group, to lead daily operations.

Industry News
Dec 01, 2021
Homepoint Expands Refinance Program Offerings

Now offers Freddie Mac’s new refinance option, Refi Possible, making it easier for many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate.

Industry News
Nov 30, 2021
Non-QM Lender Deephaven Hires Business Development VP

Dallas-based Tim Fisher charged with growing Deephaven’s correspondent business In Texas and surrounding states

Industry News
Nov 30, 2021
Biden Reappoints Powell As Federal Reserve Chairman

A signal that The Fed will continue its policies as inflation surges and economic uncertainty spikes due to an emerging variant of the coronavirus. 

Industry News
Nov 29, 2021
Servion Taps Sagent For Consumer-First Servicing Tech Stack

A 7-year deal between Servion Mortgage and Sagent will equip Servion with Sagent's tech stack for performing, non-performing, and consumer experience.

Tech
Nov 29, 2021
Guaranteed Rate's Banosian Funds $2B In Total Loan Volume

The mortgage industry shouldn't be surprised by Guaranteed Rate's top loan officer, Shant Banosian, funding $2 billion in total loan volume during a record-breaking year. After all, “The Billion Dollar Man” is one of the top 5 loan originators in the U.S.

Wholesale
Nov 29, 2021