LOS ALTOS, Calif. — Nov. 12, 2014 — How many homes in the Midwest can you buy for one in Silicon Valley? About 30, according to Coldwell Banker Real Estate LLC. For the second time in three years, the Coldwell Banker® Home Listing Report ranked Los Altos as the most expensive market in the United States. And in all, eight Bay Area cities ranked among the 10 most expensive in the national survey.

The average four-bedroom, two-bathroom home in Los Altos costs $1,963,100. This is six times the national average in this report ($295,317) and 30 times the cost of a home in the country’s most affordable market, Cleveland.

“Both the most expensive and most affordable markets in this year’s Home Listing Report have become real estate hot spots,” said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. “Los Altos is in the heart of Silicon Valley, where the most expensive markets are located. And Cleveland has been making headlines for its surge in home sales.”

The annual report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two-bathroom homes in nearly 2,000 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker Home Listing Report analyzes more than 51,000 similar listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.

“The continued success of many tech companies throughout Silicon Valley has brought markets such as Los Altos into focus,” said Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos. “With Los Altos providing the utmost convenience and comfort as well as listing prices reflective of the ongoing demand of properties, it remains one of the most highly coveted places to live.”

Also ranking in the top 10 of this year’s list were Saratoga, the Redwood City/Woodside market, Los Gatos, San Francisco, Sunnyvale, Moraga, and San Mateo – all with average prices over $1 million.

Topping the list of the country’s most affordable markets, the average four-bedroom, two-bathroom home in Cleveland lists for $64,993.

“As a lifelong Clevelander, I’m excited about what’s been occurring here in recent months, and it goes far beyond LeBron James and Johnny Manziel calling Cleveland home,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland, Ohio. “The downtown area has been rejuvenated, jobs are increasing and our wonderful suburbs such as Avon Lake, North Ridgeville and Parma are some of the best neighborhoods in the nation.”

Top 25 Lists

The top 25 most expensive and most affordable real estate housing markets in the 2014 Coldwell Banker® Home Listing Report are:

 

Rank Most Expensive

Avg. Listing Price

  Most Affordable

Avg. Listing Price

1

Los Altos, Calif.

$1,963,100

Cleveland, Ohio

$64,993

2

Newport Beach, Calif.

$1,904,083

Riverdale, Ga.

$68,207

3

Saratoga, Calif.

$1,867,980

Park Forest, Ill.

$75,647

4

Redwood City / Woodside, Calif.

$1,430,329

Lake Wales, Fla.

$82,330

5

Los Gatos, Calif.

$1,307,408

Lithonia, Ga.

$94,076

6

San Francisco, Calif.

$1,294,250

Buffalo, N.Y.

$97,288

7

Sunnyvale, Calif.

$1,267,185

Waukegan, Ill.

$98,226

8

Moraga, Calif.

$1,129,300

Augusta, Ga.

$98,233

9

San Mateo, Calif.

$1,093,346

Cheektowaga, N.Y.

$101,475

10

Wellesley, Mass.

$1,090,089

Utica, N.Y.

$107,211

11

Santa Barbara, Calif.

$1,040,827

Zion, Ill.

$107,276

12

Mercer Island, Wash.

$1,013,446

Parma / Parma Heights, Ohio

$110,103

13

Irvine, Calif.

$1,012,254

Douglas, Ga.

$110,757

14

Stevensville, Md.

$1,009,530

Gloversville, N.Y.

$111,463

15

Orono / Medina, Minn.

$995,244

Beloit, Wis.

$113,086

16

Winnetka, Ill.

$933,182

Geneva, N.Y.

$113,250

17

Morgan Hill, Calif.

$932,959

Sioux City, Iowa

$113,295

18

Cohasset, Mass.

$923,889

Payette, Idaho

$115,510

19

Greenwich, Conn.

$923,690

Scranton, Pa.

$118,424

20

Westport, Conn.

$923,422

Waterville, Maine

$118,685

21

Lexington, Mass.

$918,600

Kankakee, Ill.

$119,180

22

Chatham Township, N.J.

$892,489

East Orange, N.J.

$120,000

23

Hingham, Mass.

$891,342

Forest Park, Ohio

$120,247

24

Newton, Mass.

$884,767

North Platte, Neb.

$120,583

25

Marblehead, Mass.

$875,347

Radcliff, Ky.

$120,765

 

Rankings by All 50 States

In addition to providing a look at the most expensive and affordable markets in the nation, the Home Listing Report also provides data for each individual state in the U.S. Full state data, including affordability rankings of markets by each state is available at hlr.coldwellbanker.com. To be included in the report, markets were required to have a minimum of 10 four-bedroom, two-bathroom home listings between January and June 2014. Markets not included in this year’s ranking did not meet this requirement.

A video summary highlighting the Home Listing Report’s findings is also available.

About the 2014 U.S. Home Listing Report (Methodology):

The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2014 and June 2014 for 51,765 listings in 1,971 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2014 and June 2014 were excluded from the ranking.

About Coldwell Banker Real Estate LLC

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate.   The Coldwell Banker brand is the oldest national real estate brand in the United States and today has a network of more than 87,000 affiliated agents working in approximately 3,100 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create a iPhone application with international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel.  The Coldwell Banker System is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program.