Home prices continue to climb, but it's still possible to find a reasonably priced home in various parts of the country.
While home prices continue their generally upward trend that started after the recession, it’s still possible to find a reasonably priced home in various parts of the country.
For example, in Detroit, a four-bedroom, two-bathroom house on average costs as little as $64,000, according to the latest annual Coldwell Banker Real Estate Home Listing Report, which was released Thursday.
The report ranked Detroit as the cheapest of more than 2,000 housing markets across all 50 states.
John North, chief executive officer of Coldwell Banker Weir Manuel in Bingham Farms, Michigan, notes in a company statement:
“Detroit has been experiencing a renaissance in the last few years. Due to an invigorated community, culture and resurgence of young professionals, more and more people are looking to Detroit as an affordable place to settle and lay down roots.”
Like Detroit, most of the cheapest housing markets are located in the Midwest, with the rest in New York state or the South.
Based on the average price for a four-bedroom, two-bathroom house, the 15 cheapest markets are:
- Detroit: $64,110
- Cleveland: $73,073
- Park Forest, Illinois: $78,392
- Jamestown, New York: $88,891
- Utica, New York: $92,891
- Wilkes-Barre, Pennsylvania: $94,436
- Scranton, Pennsylvania: $104,842
- Huntington, Indiana: $105,614
- Augusta, Georgia $106,567
- Palatka, Florida: $110,655
- Geneva, New York: $112,600
- Kankakee, Illinois: $112,958
- Cheektowaga, New York: $113,244
- Albertville, Alabama: $114,258
- Jackson, Michigan: $114,860
The other end of the home listing report’s spectrum is dominated by markets in California, with all of the 10 most expensive markets in the Golden State.
In the most expensive market in the U.S., the California city of Saratoga, the average four-bedroom, two-bathroom home costs nearly $2.5 million.
Most of the 10 most expensive markets are part of California’s Silicon Valley region. Charlie Young, president and CEO of Coldwell Banker, explains:
“Silicon Valley has been at the forefront of innovation in the U.S. for years, with leading tech companies attracting some of the brightest entrepreneurial minds in the world. Clearly, the amenities of the region are also impacting home prices.”
For more outrageous home prices, check out “The Most Expensive Home for Sale in Every State.”
What do you make of the cheapest or most expensive housing markets in Coldwell Banker’s report? Share your thoughts below or over on Facebook.