23 Aug 2014
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Belmont Among the Most Expensive Real Estate Markets in Country

A 4-BR, 2-bath house in Belmont (on average) is pricier than in all but 14 other cities in the country, Coldwell Banker's annual Home Listings Report finds.

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How much does it cost to buy a four-bedroom, two-bath house?

This year, Los Altos/Los Altos Hills, at an average price of $1,706,688, is the most expensive market in the country when it comes to how much house your dollar will buy, according to Coldwell Banker’s annual  Home Listing Report.

And Belmont isnt far behind, ranking 15 on the list with an average listing price for a four-bedroom, two-bath home priced at $1,098,777.

In fact, of the nation’s top five most expensive markets, four are on the lower Peninsula and Santa Clara County, and all are in California. Besides Los Altos, they include Saratoga ($1,582,434), Menlo Park ($1,506,909), and Palo Alto ($1,495,364). Newport Beach, in the No. 2 position ($1,658,000), was the only market outside of the Bay Area in the top five.

Coldwell Banker attributes Los Altos' ranking to the confluence of tech and desirable locations. Google, Apple, Facebook and Stanford University are all located within 15 minutes of Los Altos, Coldwell Banker observed. And, so are the other top-five cities Saratoga, Menlo Park and Palo Alto.

And Los Altos Hills is the town that brought you the in 2011. 

“The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, in a written statement.

In fact, among the top 20 most expensive markets in the country, ten of them are on the Peninsula or in Santa Clara Valley. They include the additional cities (in order of price) of Los Gatos, San Carlos, Cupertino, San Francisco and Redwood City.

High demand, low inventory, desirability and population projections all figure into the prices, Turley said.

Conversely, the most affordable was in Redford, Michigan, where the average a four-bedroom, two bath house cost $60,490—or 28 times less than the same house in Los Altos.

Coldwell Banker lists both the top 20 most affordable and the most expensive in the chart below.

 

For a state-by-state ranking , see this Coldwell Banker link.

 

Rank

Most Expensive State

Avg Listing Price

Most Affordable States

Avg. Listing Price

1

Los Altos

$1,706,688

Redford, Mich

$60,490

2

Newport Beach, Calif.

$1,658,000

College Park, GA

$62,080

3

Saratoga

$1,582,434

Detroit, Mich.

$65,155

4

Menlo Park

$1,506,909

Cleveland, Ohio

$70,0665

5

Palo Alto

$1,495,464

Poinciana, Fla.

$76,341

6

Los Gatos

$1,444,214

Hastings, Fla

$78,840

7

Rye, N.Y.

$1,312,250

Jonesboro, GA

$79,686

8

Kailua, Hawaii

$1,238,208

Park Forest, Ill.

$81,107

9

Carmel-By-the-Sea

$1,232,167

Augusta, GA

$83,966

10

San Carlos

$1,230,880

Johnstown, Penn.

$84,173

11

Greenwich, Conn.

$1,200,525

Cleveland Heights, Ohio

$84,535

12

Cupertino

$1,151,145

Saginaw, Mich.

$85,345

13

San Francisco

$1,132,086

Fort Pierce, Fla.

$89,292

14

Weston, Mass

$1,105,692

Country Club Hills, Ill.

$90,788

15

Belmont

$1,098,777

Irvington, N.J.

$92,264

16

Boulder, Colo

$1,084,183

Lehigh Acres, Fla

$92,819

17

Orono, Minn.

$1,070,203

Terrell, Texas

$96,329

18

Mercer Island, Wash.

$1,059,411

Warren, Mich.

$96,349

19

Darien, Conn.

$1,056,933

Ellenwood, Ga.

$97,850

20

Redwood City

$1,010,394

Maricopa, Ariz

$97,886



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