The Most Expensive/Affordable Housing Markets of 2013
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...real estate trends are shifting away from affordability to higher pricing.
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By Phil Hall f your borrowers are looking to purchase a four-bedroom, two-bathroom home, there are plenty of choices across a wide spectrum of budgets. How wide? Well, one can snag a property in Cleveland in the five-digit range, or one can seek ownership of a Malibu, Calif.-based residence in the seven-digit range. Admittedly, that is quite a spread, especially since average listing price of a four-bedroom, two-bathroom home is $301,414, as according to the 2013 Home Listing Report issued on Nov. 6 by Coldwell Banker Real Estate. This annual report, which covers more than 1,900 markets and 52,000 listings, has discovered some rather distinctive data regarding the current state of U.S. housing. For starters, California reigned as the go-to state for high-priced residential real estate. The top five most expensive markets are in the Golden State, as the two most expensive markets, Malibu and Newport Beach, are within minutes of Los Angeles. The city of Angels itself was not among the 13 California markets that occupied the top 25 expensive spots. What makes Malibu so pricey? Coldwell Banker put forth one of its agents from that market, Madison Hildebrand, who is also the star of the Bravo reality TV show “Million Dollar Listing,” to explain. “With its laid back, yet star-studded lifestyle, Malibu is undergoing a transformation from a seasonal destination to a year-round locale,” said Hildebrand in a statement released by Coldwell Banker. “Situated on the Southern California coast with beautiful homes and even more stunning views, you’re not only paying for world class properties, you’re paying for a way of life.”
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