Bay Area Remains Most Expensive Real Estate Market in US

The success of the technology industry and desirable location are continuing to
influence home listing prices in the San Francisco Bay Area, elevating it to one
of the priciest real estate markets in the country. Today, the Home Listing Report (HLR) revealing several of the
country’s most expensive real estate markets are in Northern California.
Google, Apple, Facebook and Stanford University are all located within 15 minutes
of this year’s most expensive market, Los Altos, Calif.,where the average
listing price of a four-bedroom, two-bathroom home is 1,706,688.
“The success of many of our native tech companies has shined
aspotlight on Silicon Valley and our real estate market in the SanFrancisco Bay
Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in
the San Francisco Bay Area. “Listing pricesin our market are a product of
ongoing high demand, projectedpopulation growth and the low inventory levels of
homes in what is one of the most desirable locations to live.”
In contrast, the most affordable market this year is Redford,
Mich.,where a similar home, four-bedrooms, two-bathrooms, is listed at $60,490 —
a listing price difference of more than 1.6 million. Infact, 28 homes can be
purchased in Redford for the price of a similarhome in Los Altos.
Overall, the report found the average listing price of
afour-bedroom, two-bathroom home in the U.S. to be 292,152. Affordability remains
strong in many markets across the country as 36 percent of the markets analyzed
by the report had an average homelisting price of less than 200,000 for
four-bedroom, two-bathroom homes.
About America’s Most Expensive Markets:
The five most expensive markets are all in California, with four
inthe San Francisco Bay Area. Los Altos, Calif. tops the list, followedby
Newport Beach (1,658,000), Saratoga (1,582,434), Menlo Park(1,506,909) and Palo
Alto (1,495,364). But even with these highpriced markets, California was not the
most expensive state. Theaverage listing price of a four-bedroom, two-bathroom
home inCalifornia (431,625) is less than both Hawaii (742,551) and Massachusetts