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Nov. 12, 2013

Cleveland Named Most Affordable Housing Market in United States

By Adrian Maties, Associate Editor

Looking to buy a house in Cleveland? You’re in luck! The Northeast Ohio city is the most affordable housing market in the nation, according to an annual report by Coldwell Banker Real Estate.

In its 2013 Home Listing Report, Coldwell Banker analyzed the average listing price for a four-bedroom, two-bathroom property between January 2013 and June 2013 for 52,257 listings in 1,997 markets. Markets without at least 10 four-bedroom, two-bathroom listings were excluded from the ranking. The report identified Cleveland as the least expensive market. On average, a four-bedroom, two-bathroom home here 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, in a statement for the press. “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.”

The second-most-affordable housing market in the U.S. is also located in the Cleveland Metropolitan Area. It’s Garfield Heights, where the average listing price for a four-bedroom, two-bathroom home is $66,075. A total of 66 Ohio cities were included in the study. Ten of them were among the top 100 most affordable markets. Ohio ranked as the 14th most affordable state in the nation.

According to Coldwell Banker’s 2013 Home Listing Report, Malibu, Calif., is the most expensive market in the U.S. Madison Hildebrand, an agent with Coldwell Banker Residential Brokerage in Malibu, said the affluent beach community is transforming “from a seasonal destination to a year-round locale.” The average listing price for a  four-bedroom, two-bathroom home in Malibu is $2.2 million.

Key Highlights from the 2013 Coldwell Banker U.S. Home Listing Report:

  • The average listing price of a four-bedroom, two-bathroom home in the survey 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.

You can view a list of the most expensive and most affordable markets in each state on the Home Listing Report website.

Source: Coldwell Banker Real Estate
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