- Dennis Norman
This is probably not going to come as a shock to anyone, but 8 of the 10 most expensive housing markets in the U.S. in 2009 are in California, with LaJolla, CA at number 1 on the list. Also probably not surprising is the Midwest dominated the list of most affordable housing markets in the U.S. in 2009 with Grayling, MI the most affordable housing market in the U.S.
This data comes from the Coldwell Banker Annual Home Price Comparison Index for the United States. Coldwell Banker Real Esate LLC compiles survey data from Coldwell Banker offices throughout the United States. The criteria for the home prices compiled is the subject home is a single-family dwelling, 2,200 square feet (approximately) with four bedrooms, two and one-half baths, family room (or equivalent) and a two car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees. So, in other words, they are trying to keep this apples to apples and base it upon a relatively “normal” home.Based upon the Coldwell Banker study, location definitely makes a difference with there being a $2 million difference in the price of a home in LaJolla, CA (average price $2,125,000) and a comparable home in Grayling, MI (average price $112,675).
I have included all the tables from the study below but first want to give some highlights from the report:
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There were 84 U.S. markets in which the average home price came in below $200,000
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There were 11 U.S. markets in which the average home price exceeded $1,000,000
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Overall, the average U.S. home price of all of the homes in the study came in at $363,401
TABLE 1
The top 10 most expensive and most affordable surveyed U.S. markets overall in 2009 are:
TABLE 2
The most expensive and most affordable surveyed U.S. markets within each state in 2009 are:
Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.
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Hi,
Is New York city not included in this study? I am quite sure that Manhattan has the most expensive real estate in the country.
Thanks,
Shehtoot
Shehtoot,
Great catch, you are correct! Now that I have reviewed the article again I realize I left out one little footnote:
Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes.
I’m going to stick it in there now, thanks again,
have a good weekend
Dennis