2013 COLDWELL BANKER REAL ESTATE HOME LISTING REPORT FINDS MALIBU MOST EXPENSIVE MARKET IN UNITED STATES, CLEVELAND MOST AFFORDABLE
Exhaustive Survey of Nearly 2,000 Markets and 52,000 Listings Shows More Than $2 Million Difference in Price Between Malibu and Cleveland
News Release from Coldwell Banker Real Estate
MADISON, N.J. (Nov. 6, 2013) - The glitz, glamour and white sandy beaches of Malibu, Calif., have attracted the rich and famous to this premier destination for years. Today, Coldwell Banker Real Estate released its 2013 Home Listing Report (HLR), which ranked Malibu as the most expensive place to live in the United States. According to the annual report, an apples-to-apples comparison of four-bedroom, two-bathroom homes in more than 1,900 real estate markets across the United States, a sample-sized home in the affluent beach community of Malibu lists for $2.15 million, compared to $63,729 in Cleveland, Ohio.
"With its laidback, yet star-studded lifestyle, Malibu is undergoing a transformation from a seasonal destination to a year-round locale," said Madison Hildebrand, an agent with Coldwell Banker Residential Brokerage in Malibu, star of Bravo's Million Dollar Listing and regular contributor on E!. "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."
Cleveland, Ohio, was ranked as the most affordable real estate market in the 2013 Coldwell Banker® Home Listing Report, where an average four-bedroom, two-bathroom home lists for $63,729.
"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. "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."
Key Highlights from the 2013 Coldwell Banker® U.S. Home Listing Report:
"Whether moving for lifestyle or a new job, homebuyers can use the Coldwell Banker® Home Listing Report to compare the average listing prices of similar homes in different parts of the nation," said Budge Huskey, president and chief executive officer of Coldwell Banker Real Estate LLC. "As the country moves on from the recession, this year's report identified 20 markets where a four-bedroom, two-bathroom home costs more than $1 million, whereas in eight markets a similar home lists for less than $100,000."
- The average listing price of a four-bedroom, two-bathroom home in the survey of more than 1,900 markets and 52,000 listings was $301,414.
- California holds 13 of the top 25 spots for the most expensive markets in the U.S.
- All top five of the most expensive markets are in The Golden State, with the two most expensive markets in the country located minutes from Los Angeles—Malibu (No. 1) and Newport Beach (No. 2).
- In contrast, 60 percent (15) of the 25 most affordable markets are in the Midwest.
- New York is the only state that had markets ranked on both the most expensive and most affordable lists.
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LINK: Top 25 Markets (Kailua, Oahu is #20)
LINK: Hawaii Markets (Kailua, Honolulu, Kapolei, Ewa)