Dive Brief:
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Coldwell Banker Real Estate, in its 2015 Home Listing Report, has named the most expensive and most affordable housing markets in the U.S., with the most expensive in California and the most affordable largely in the Midwest.
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The most expensive markets, all in California, with their average listing prices are: Newport Beach ($2,291,764), Palo Alto ($2,066,600), Saratoga ($1,979,218), Cupertino ($1,659,297) and Los Gatos ($1,569,615).
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The most affordable markets are: Cleveland, OH ($74,502); Riverdale, GA ($79,223); Wilkes-Barre, PA ($79,480); Detroit, MI ($81,616) and Alma, MI ($90,523).
Dive Insight:
Coldwell Banker calculated its rankings by looking at the average listing price of 81,000 listings in almost 3,000 markets — all four-bedroom, two-bath properties – on coldwellbanker.com.
It’s no surprise that the five most expensive housing markets are in California, with four in the tech-fueled landscape of Silicon Valley. In fact, half of the 100 priciest markets are in California.
Last month, Zillow tracked Apple employees and found they live in more expensive homes than others in the Bay Area, and home values rise faster in their neighborhoods. However, data released this week from Paragon Real Estate Group indicated the San Francisco luxury home market might finally be "cooling" after the feverish buying it saw this past spring
On the opposite side of the U.S. housing scale, recession-worn Midwest cities have become more attractive to companies looking for deals on land, thereby attracting job-hunting homebuyers to the area.
Builders in Coldwell Banker's most expensive markets should keep an eye on the Midwest cities, as soaring home prices could keep potential buyers away from the hot markets and drive them toward the areas with more affordable options.