Snapshot of U.S. Real Estate Shown in Coldwell Banker Home Listing Report

Coldwell Banker Real Estate LLC  released its Home Listing Report, a snapshot survey of U.S. four-bedroom, two-bathroom home listings, which found a $1.7 million difference between America’s most expensive and most affordable housing markets. Newport Beach, Calif., led the list of most expensive real estate markets in America, with an average home listing price of approximately $1.83 million for property listings meeting the subject home criteria. By contrast, America’s most affordable housing market was Detroit, Mich., with an average home listing price of approximately $68,000.

The Coldwell Banker Home Listing Report (HLR) is the brand’s latest development designed to provide comprehensive information on real estate data from around the country for homebuyers and sellers. The HLR provides the average home listing price of more than 18,000 four-bedroom, two-bathroom properties on coldwellbanker.comthat were listed between February and August 2010 from nearly 300 select U.S. markets where Coldwell Banker Real Estate has a presence. The U.S. average for the surveyed listings was approximately $353,000. Markets included in this report were required to have at least six properties fitting the above criteria within the relevant timeframe.¹

Known for its sandy beaches and historic Balboa Pavilion (established in 1906), Newport Beach, the most expensive market, has been the backdrop to numerous television shows including “The O.C.” and “Arrested Development.” Detroit, the most affordable market, is the only major U.S. city that looks South to Canada. Residents of the Motor City take great pride in Red Wings hockey and appreciate the city’s hard-working industrial and automotive history.

“Coldwell Banker Real Estate has released national real estate market reports annually for many years to provide consumers with insight into local market conditions,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “Our study shows that homeownership in the United States is generally affordable, with nearly 30 percent of the studied markets averaging $200,000 or less for a four-bedroom, two-bathroom home – a size many buyers aspire to own. Today those who have the financial resources and a desire to move up to a larger home have a unique opportunity to take advantage of historically low mortgage interest rates coupled with comparatively lower prices and greater selection.”

2010 Coldwell Banker U.S. Home Listing Report – Highlights

• America’s Most Affordable Markets: In addition to Detroit, America’s most affordable real estate markets are as varied in culture and trivia as they are in listing price ranges:
  • Grayling, Mich., is home to many top cross-country skiing destinations.
  • Sioux City, Iowa, has been recognized as a top U.S. economic community for areas between 50,000 and 200,000 people.
  • Cleveland, Ohio, is home to the Rock and Roll Hall of Fame.
  • Muncie, Ind., has gained notoriety for its successful prep sports programs.
  • Norfolk, Neb., is home to many healthcare and manufacturing companies.
  • Kansas City, Mo., is just behind Rome, Italy, for the largest number of fountains in a city (more than 200).
  • Canton, Ohio, is home to the Professional Football Hall of Fame.
  • Port Huron, Mich., features the School of Strings, which presents over 50 concerts a year with its Fiddle Club, Faculty and Student Ensembles.
  • Topeka, Kan., was once temporarily renamed “Topikachu,” in honor of the Pokémon franchise.
     
• Homeownership Affordability: In total, there are 85 U.S. markets in the HLR with average reported listing prices less than $200,000. There are 183 markets (out of a total of 296 surveyed) that are less than $300,000.
   
• Great Midwest: Michigan has three markets on the most affordable housing list (Detroit, Grayling and Port Huron), and all 10 of the most affordable markets are in the Midwest.
   
• Low Monthly Payments: Put in perspective, a $200,000 30-year-fixed mortgage at a 4.5% rate could cost a buyer a relatively low monthly mortgage payment of just above $1,000. The average $68,000 four-bedroom, two-bathroom home in Detroit could average less than $350 a month.
   
• Pacific Paradise: Out of the 10 most expensive real estate markets, six are from California: Newport Beach, Palo Alto, San Francisco, La Jolla, Pasadena and Santa Barbara.
   
• Above $750,000: The survey included 25 housing markets where the average listing price for the subject home was more than $750,000, including 10 markets whose average listing price exceeded $1 million.
   

TABLE 1 – TOP 10 LISTS
The top 10 most expensive and most affordable real estate housing markets in the 2010 Coldwell Banker U.S. Home Listing Report are:

TABLE 2 – U.S. HOME LISTING REPORT
For all markets included in the U.S. Home Listing Report, below are the most expensive and most affordable markets by state (as well as Puerto Rico):

The 2010 average listing price from February – August 2010 in the District of Columbia:

The 2010 average listing price from February – August 2010 in the Commonwealth of Puerto Rico:

*Only one market was included in the study.

TABLE 3 – CANADIAN HOME LISTING REPORT
The same methodology was used to capture six months of listings in Canada for four-bedroom, two-bathroom homes between March – September 2010. The Canadian version of the Coldwell Banker HLR offers perspectives on several major Canadian cities.

Below is a highlighted report on four-bedroom, two-bathroom home prices (in U.S. dollars2) within select markets in Canada:

TABLE 4 – INTERNATIONAL HOME LISTING REPORT
Separately, Coldwell Banker surveyed local sales professionals within the Coldwell Banker international network, to get a sense of four-bedroom, two-bathroom home listing prices in select international markets:

Note: Local listing price averages were converted to U.S. currency

International markets surveyed in 2010 include:

1The Coldwell Banker U.S. Home Listing Report includes residential real estate listings appearing on Coldwell Banker.com. This market data includes property listings from Coldwell Banker affiliates as well as listings from other Realogy franchise brands that fit the same four-bedroom, two-bathroom criteria.

2Currency rates were calculated on xe.com on September 14, 2010, and rounded to the nearest dollar amount.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of nearly 93,000 sales associates and brokers working in approximately 3,300 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 to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application 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 specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. 

Source: Coldwell Banker news release