Home Price Comparison Index - A helpful tool

COLDWELL BANKER REAL ESTATE RELEASES ANNUAL HOME PRICE COMPARISON INDEX FOR UNITED STATES 

(Our own Grayling Michigan ranks 1st as one of the most affordable!)

$2 Million Difference Between Four-Bedroom Homes In Most Expensive Market of La Jolla, Calif., and Most Affordable Market, Grayling, Mich.

 

 

The 2009 Coldwell Banker® Home Price Comparison Index (HPCI) released today found a price gap of more than $2 million between the most expensive and most affordable U.S. housing markets.  In the annual comparison of similar 2,200-square foot homes in 310 U.S. housing markets, La Jolla, Calif. led the list as the most expensive real estate market in the country with an average home price of $2,125,000.  Grayling, Mich., also known as the “canoe capital of the world,” ranked as the most affordable market in America, where a similarly sized home costs $112,675.

 

La Jolla was joined on the most expensive list by 13 other California markets while Grayling was one of 20 Midwest communities on the most affordable list.   

Differing from most housing reports that compare median prices, the annual Coldwell Banker HPCI, provides an apples-to-apples comparison of similar 2,200 square foot, four-bedroom, two-and-a-half bath homes in the United States. 

”While price differentials are interesting to compare, I am most intrigued with the affordability levels now seen across much of the nation,” says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC.  “The four-bedroom, two-and-a-half bath home is one we deem ‘aspirational’ and usually purchased by move-up buyers experiencing lifestyle changes.  Thirty percent of the markets show this type of home to be below $200,000, illustrating the opportunity to take advantage of price declines, interest rate levels and increased selection of homes.  Encouraging these move-up buyers back into the market is a crucial next step toward helping to rejuvenate the housing industry and the overall U.S. economy.”

 

A “Snapshot” of U.S. Home Affordability

Offering a “snapshot” of affordability across the United States, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family homes with four bedrooms, two-and-one-half baths.1 The cumulative average sales price of the four-bedroom homes surveyed in the 310 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $363,460.

 

Through the comprehensive HPCI section on the Coldwell Banker web site (http://hpci.coldwellbanker.com), prospective homebuyers and sellers can calculate what similar homes may be worth in other areas and gather preliminary intelligence about the affordability of housing from one market to another.

 

2009 Coldwell Banker HPCI – Highlights and Top Market Lists

 

  • Affordable and Attractive: In addition to Grayling, Mich., the following are interesting tidbits about the other nine most affordable U.S. markets: 
    • Akron, Ohio ($121,885), won the All-American City award three times and is birthplace to the ice cream cone
    • Fayetteville, N.C. ($130,875), a historic city known for its strong military ties
    • Canton, Ohio ($131,867), birthplace of American professional football and home to the NFL Pro Football Hall of Fame
    • Detroit, Michigan ($132,000), America’s automotive manufacturing and Motown music hub
  •  
    • Arlington, Texas ($138,775), home to the Dallas Cowboys’ new stadium which will host the 2011 Super Bowl XLV, and the Texas Rangers' Ballpark
    • Macon, Ga.  ($139,007), hometown to many legendary soul and blues acts like Otis Redding, and home of the Georgia Music Hall of Fame
    • Eau Claire, Wis. ($141,270), which has been named one of the 100 Best Communities for Young People by America's Promise in the past
    • Port Charlotte, Fla. ($142,750), which is minutes away from the Gulf of Mexico and setting to some of the country’s best sunset views
    • Wichita, Kans. ($144,625), home to more than 30 museums and a haven for art-lovers, theatre-goers and golfers alike

 

  • Low Cost to Homeownership: In total, there are 84 U.S. markets in which the sample home price averages under $200,000.  The monthly mortgage cost for homes in this price range could average less than $600, and down payments could amount to less than $4,000.

 

  • Luxury Living: La Jolla, Calif. heads the list as the most expensive real estate market in the country ($2,125,000), beating out its California neighbor Beverly Hills, where the average home costs $1,981,750.  Greenwich, Conn., whose average price of $1,519,250 places it as the most expensive market on the East coast, followed by Boston at No. 7 overall.  In total, 11 U.S. markets exceeded the $1 million average price for the surveyed home.  Note: Manhattan in New York City was not included in the study because of the lack of comparable single-family homes. 

 

  • On Average: The overall national average price of homes in the 2009 Coldwell Banker HPCI is $363,401. 

 

 

 

TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2009 are:

Rank

Most Expensive

2009 Avg. Sales Price

 

Most Affordable

2009 Avg. Sales Price

1

La Jolla, Calif.

$2,125,000

 

Grayling, Mich.

$112,675

2

Beverly Hills, Calif.

$1,981,750

 

Akron, Ohio

$121,885

3

Greenwich, Conn.

$1,519,250

 

Fayetteville, N.C.

$130,875

4

Palo Alto, Calif.

$1,489,726

 

Canton, Ohio

$131,867

5

Santa Monica, Calif.

$1,460,912

 

Detroit, Mich.

$132,000

6

San Francisco, Calif.

$1,363,250

 

Arlington, Texas

$138,775

7

Boston, Mass.

$1,337,578

 

Macon, Ga.

$139,007

8

Newport Beach, Calif.

$1,315,505

 

Eau Claire, Wis.

$141,270

9

Palos Verdes, Calif.

$1,237,041

 

Port Charlotte, Fla.

$142,750

10

San Mateo, Calif.

$1,090,000

 

Wichita, Kans.

$144,625

 

TABLE 2

The most expensive and most affordable surveyed U.S. markets within each state in 2009 are: 

 

State

 

Most  Expensive

 

2009 Avg.

Sales Price

 

 

 Most 

 Affordable

 

2009 Avg.

Sales

Price

Variance

 

 ALASKA

Juneau

$375,667

 

Anchorage

$339,311

$36,356

 ALABAMA

Huntsville

$267,314

 

Mobile

$183,696

$83,618

 ARIZONA

Flagstaff

$385,057

 

Phoenix

$199,111

$213,373

 ARKANSAS

Fayetteville

$216,125

 

Little Rock

$171,684

$44,441

 CALIFORNIA

La Jolla

$2,125,000

 

Lancaster

$165,205

$1,959,795

 COLORADO

Boulder

$622,000

 

Colorado Springs

$200,002

$421,998

 CONNECTICUT

Greenwich

$1,519,250

 

West Hartford

$354,375

$1,164,875

 DELAWARE

Wilmington*

 

$376,250

 FLORIDA

Key West

$815,750

 

Port Charlotte

$142,750

$673,000

 GEORGIA

Atlanta

$287,250

 

Macon

$139,007

$148,243

 HAWAII

Honolulu

$712,500

 

Kihei Maui

$540,044

$172,456

 IDAHO

Boise

$215,432

 

Coeur d’Alene

$204,518

$10,914

 ILLINOIS

Chicago

$768,333

 

Joliet

$176,536

$591,797

 INDIANA

Munster

$336,000

 

Muncie

$144,996

$191,004

 IOWA

Des Moines

$221,625

 

Sioux City

$150,060

$71,565

 KANSAS

Overland Park

$230,317

 

Wichita

$144,625

$85,692

 KENTUCKY

Florence

$212,720

 

Lexington

$188,017

$24,703

 LOUISIANA

New Orleans

$255,066

 

Lafayette

$194,939

$60,127

 MAINE

Portland

$310,500

 

Lewiston

$212,250

$98,250

 MARYLAND

Bethesda

$759,664

 

Hagerstown

$237,946

$521,718

 MASSACHUSETTS

Boston

$1,337,578

 

Worcester

$242,769

$1,094,809

 MICHIGAN

Mount Pleasant

$195,014

 

Grayling

$112,675

$82,339

 MINNESOTA

Edina

$392,647

 

Rochester

$191,982

$200,665

 MISSISSIPPI

Jackson

$238,000

 

Gulfport/Biloxi

$186,500

$51,500

 MISSOURI

St. Louis

$228,852

 

Springfield

$156,225

$72,627

 MONTANA

Bozeman

$297,488

 

Great Falls

$151,100

$146,388

 NEBRASKA

Kearney

$212,100

 

Norfolk

$187,350

$24,750

 NEVADA

Reno

$272,309

 

Las Vegas

$213,120

$59,189

 NEW HAMPSHIRE

Hanover

$555,222

 

Nashua

$281,250

$273,972

 NEW JERSEY

Ridgewood

$801,250

 

Haddon Heights

$238,448

$562,802

 NEW MEXICO

Santa Fe

$362,602

 

Albuquerque

$215,059

$147,543

 NEW YORK

Queens

$793,500

 

Syracuse

$171,711

$621,789

 NORTH CAROLINA   

Winston-Salem

$279,241

 

Fayetteville

$113,701

$165,540

 NORTH DAKOTA

Fargo

$224,426

 

Minot

$157,167

$67,259

 OHIO

Columbus

$307,250

 

Akron

$121,885

$185,365

 OKLAHOMA

Oklahoma City

$164,250

 

Tulsa

$154,800

$9,450

 OREGON

Salem

$335,840

 

Medford

$276,367

$59,473

 PENNSYLVANIA

Philadelphia

$472,396

 

Erie

$206,500

$266,193

 RHODE ISLAND

Providence*

 

 $290,217

 SOUTH CAROLINA

Charleston

$338,726

 

Myrtle Beach

$188,123

$150,123

 TENNESSEE

Nashville

$235,336

 

Chattanooga

$161,975

$73,661

 TEXAS

Dallas

$332,375

 

Arlington

$138,775

$193,600

 UTAH

Salt Lake City

$291,152

 

Provo

$213,000

$78,152

 VERMONT

Burlington

$352,000

 

Rutland

$237,600

$114,400

 VIRGINIA

Vienna

$645,946

 

Winchester

$209,750

$436,196

 WASHINGTON

Bellevue

$781,825

 

Tri-Cities

$224,475

$557,350

 WEST VIRGINIA

Charleston

$203,528

 

Parkersburg

$155,000

$48,528

 WISCONSIN

Madison

$298,000

 

Eau Claire

$141,270

$156,730

 

The 2009 average price in the District of Columbia: 

 

DISTRICT OF COLUMBIA

$642,962 *

 

Methodology – 2009 Coldwell BankerÒ Home Price Comparison Index: 

Coldwell Banker Real Estate LLC conducts its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and a sampling of other countries where the Coldwell Banker system has a market presence. Companies within the Coldwell Banker system submit data based on the average sales price of comparable listings through July 2009, a comparative market analysis of homes previously evaluated for the 2008 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately) four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.

 

About Coldwell Banker Real Estate

Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

 
2,200 square feet was the baseline figure used as size criteria for the HPCI subject homes. However, it is possible that in certain markets the size of the subject homes varied.
 

About Coldwell Banker Schmidt Realtors

Coldwell Banker Schmidt Family of Companies has experienced phenomenal growth since its inception in 1927. Founded by my great-grandfather Harold F. Schmidt, the company is now run by my family and is the largest and most successful real estate company in west northern Michigan.

H. F. Schmidt Real Estate, as the firm was originally known, was based on the principles of honesty, integrity, and an unwavering commitment to outstanding service. Harold Schmidt’s adherence to these standards of excellence earned him the trust and confidence of his customers, building a solid foundation for what was to become one of the most respected and largest real estate brokerage firms in the Midwest.

Harold’s son, Joseph Schmidt, joined the company in 1946 and under his leadership, the company experienced unparalleled growth. His sons Fred and Ken [my father] entered the company in 1962 and 1968, respectively. Today my father Ken is the CEO of the firm. My brother Mike Schmidt is President. Tom Gray is the COO and President of the Northern Region. My cousin, Fred Schmidt Jr. serves as Vice President and Director of Branch Services. The firm joined Coldwell Banker Corporation as a franchisee in 1983. Today my entire family is proud that Coldwell Banker Schmidt Family of Companies is one of the largest and most successful Coldwell Banker affiliates in the country.

 

If you have questions or concerns about this data, please feel free to visit my website by clicking here or simply calling me at 231.499.1990

-Shawn Schmidt Smith

Your Traverse City Real Estate Specialist

Shawn Schmidt Smith

Shawn Schmidt Smith

Associate Broker
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