Most Expensive, Most Affordable Housing Markets
This week Coldwell Banker released its second annual Home Listing Report, which looks at the average listing price of four-bedroom, two-bath homes in more than 2,300 markets. And the gap between high and low is striking.
The most affordable market in America, Niagara Falls, N.Y., averaged a listing price of $61,000 while the most expensive, Newport Beach, Calif., commanded a whopping $2.5 million.
This is the second straight year in which Newport Beach has topped the list for the most expensive housing market -- an especially impressive feat considering that the survey included 2,000 more markets this year. In total, six out of the 10 most expensive markets hailed from the aptly named Golden State.
"The super high-end market has really rebounded," said Jim Gillespie, CEO of Coldwell Banker, in an interview with AOL Real Estate. In last year's survey, Newport Beach took the top spot with an average listing price of $1.8 million -- this year it commanded an average $2.5 million.
Some Surprisingly Affordable Suburbs
On the other end of the spectrum, the tiny tourist haven of Niagara Falls, N.Y. came in as the most affordable market in the survey, with an average listing of $61,000. The rest of the 10 most affordable markets include a smattering of the hardest-hit markets in the wake of the housing bust, like suburbs of Florida, Arizona and, of course, the steely city of Detroit.
Surprisingly, though, it was Georgia that made the most appearances on the affordable end of the spectrum, with three cities: Riverdale, College Park and Lithonia -- all of which averaged under $80,000.
"Atlanta has had a very tough market," Gillespie said. Economically, "it's not much worse than some other major cities, but had a lot of new construction that hit at the wrong time."
Despite the widening gap in prices, there are still ample opportunities to buy an affordable -- and rather sizable -- home in America. The report found 24 markets where the average listing price for a four-bedroom, two-bath home was under $100,000. More than 1,500 markets averaged less than $300,000.
To view the full report -- or to satisfy your morbid fascination with what your home might cost in the richest cities in America -- visit Coldwell Banker's HLR infographic site.
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