One surprise on the most expensive list was Stone Harbor, N.J., where a four-bedroom/two-bathroom house averages $1.3 million. After all, Stone Harbor was among the shoreline communities that felt the wrath of Superstorm Sandy. Things were so bad in the Stone Harbor community that the local elementary school was shut down for four months after the storm made landfall in October 2012. But, it appears that the tumult created by Sandy failed to dent the upper-level home prices, and Stone Harbor continues to be the Garden State’s prime location for luxury real estate. For those with a somewhat more modest budget, Cleveland offered the most affordable housing, with the average cost of a four-bedroom/two-bathroom going for $63,729. Garfield Heights, also in Ohio, came in second on the most affordable list at $66,075. “Cleveland’s friendly, hometown feel draws people of all ages, and in recent years, the community has been revitalized with more young professionals entering the market,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty, in a press statement issued by the company. “Energized by a growing tech hub that effectively supports nearby renowned hospitals and research institutions, this Midwest city continues to reinvent itself through its diversified business sectors and strong sense of neighborhood communities.” Indeed, it appears the region as a whole provides a broad landscape for affordable housing: Midwestern cities made up 15 of the 25 most affordable markets this year. In comparison, the Minnesota city of Orono was the sole Midwest representative among the top 25 markets on the most expensive list–the rest of that selection consisted of Northeastern and Western markets. But straddling both the most expensive and most affordable lists was New York, and its positions on both lists affirmed the historical economic split between downstate and upstate. The pricey New York City suburbs of Great Neck and Larchmont landed in the top 25 on the most expensive list, while the somewhat scrappy upstate cities of Buffalo, Utica and Niagara Falls were at home in the top 25 on the most affordable list. Ultimately, the 2013 report might suggest that real estate trends are shifting away from affordability to higher pricing. This year’s report found 20 markets where the hypothetical four-bedroom, two-bathroom home cost more than $1 million, but only eight markets where a similar residence was listed for less than $100,000. Phil Hall is senior editor of National Mortgage Professional Magazine. He may be reached by e-mail at philh@nmpmediacorp.com.
Top 25 List of America’s Most Expensive/Most Affordable Real Estate Markets The top 25 most expensive and most affordable real estate housing markets in the 2013 Coldwell Banker U.S. Home Listing Report includes: Rank
2013 Most Expensive Markets
Avg. Listing Price
2013 Most Affordable Markets
Avg. Listing Price
1
Malibu, Calif.
$2,155,900
Cleveland, Ohio
$63,729
2
Newport Beach, Calif.
$1,773,824
Garfield Heights, Ohio
$66,075
3
Saratoga, Calif.
$1,684,261
Flint, Mich.
$84,437
4
Los Gatos, Calif.
$1,360,497
Saginaw, Mich.
$87,181
5
San Francisco, Calif.
$1,309,599
Jackson, Miss.
$94,155
6
Stone Harbor, NJ
$1,301,727
Sioux City, Iowa
$97,969
7
Cupertino, Calif.
$1,292,400
Jonesboro, Ga.
$98,332
8
Orono, Minn.
$1,251,873
Moberly, Mo.
$99,593
9
Weston, Mass.
$1,229,000
Buffalo, NY
$101,631
10
Redwood City, Calif.
$1,203,357
Kankakee, Ill.
$103,187
11
Breckenridge, Colo.
$1,177,795
Utica, NY
$103,877
12
San Mateo, Calif.
$1,132,523
Ashland, Wis.
$104,774
13
Great Neck, NY
$1,103,364
Hillsdale, Mich.
$106,384
14
Pasadena, Calif.
$1,092,087
Johnstown, Penn.
$107,039
15
Greenwich, Conn.
$1,087,300
Arcadia, Fla.
$107,691
16
Wellesley, Mass.
$1,079,600
McCook, Neb.
$107,986
17
Sunnyvale, Calif.
$1,077,025
Park Forest, Ill.
$109,709
18
Santa Barbara, Calif.
$1,061,475
Niagara Falls, NY
$109,809
19
Danville, Calif.
$1,018,300
Eatonton, Ga.
$111,108
20
Kailua, Hawaii
$1,004,567
Lehigh Acres, Fla.
$111,410
21
Mercer Island, Wash.
$999,276
Kansas City, Mo.
$113,718
22
Campbell, Calif.
$974,212
Dayton, Ohio
$115,176
23
Larchmont, NY
$972,150
Camden, Ark.
$116,072
24
Westport, Conn.
$966,582
Akron, Ohio
$116,906
25
Newton, Mass.
$912,745
Aurora, Mo.
$117,013