By contrast, the cheapest market in the country is Cleveland, Ohio – where a comparable house runs just $63,729, according to the 2013 Home Listing Report released today by Coldwell Banker Real Estate. The report compared the average listing price of a four-bedroom, two-bath home in nearly 2,000 markets.
The report pointed to 20 markets where a four-bedroom, two-bath home costs more than $1 million and eight markets where a similar home sells for less than $100,000. The average price for such a home is $302,313.
More than half of the 25 most expensive markets are in California, including the top five most expensive markets. After Malibu, the most expensive markets for a four-bedroom, two-bath home are Newport Beach ($1.8 million); Saratoga ($1.7 million); Los Gatos ($1.3 million); and San Francisco ($1.3 million).
Meanwhile, 60 percent of the 25 most affordable markets are located in the Midwest.
Nationwide, home prices increased 12 percent in September over the previous year, and are expected to have risen another 12.5 percent in October, according to CoreLogic. The September increase represents the 19th consecutive monthly year-over-year increase in national home sales.
Most economists and realtors expect the massive recent gains in home prices to slow down over the next year. While 90 percent of realtors surveyed in October expect home prices to remain constant or higher next year, they anticipate a median price increase of just 4 percent.