“Location. Location. Location.” The age-old adage that defines home prices equates to a $1.5 million difference between the Silicon Valley housing market, one of the nation’s most expensive, and Killeen, Texas, the nation’s most affordable market, according to the 2007 Coldwell Banker® Home Price Comparison Index (HPCI).
This annual “apples to apples” comparison of similar middle management homes in 317 U.S. markets found that four Bay Area cities – Palo Alto, San Mateo, San Francisco and San Jose – ranked among the 15 most expensive in the nation. Beverly Hills repeated as the most expensive market in the U.S. An average 2,200-square-foot, four-bedroom, 2 ½ bath home in Beverly Hills cost $2.21 million. In Palo Alto, a comparable home cost $1,677,000, the fifth most expensive market nationally. San Mateo came in at No. 8 with a price of $1,498,023, followed by San Francisco at No. 9 with a cost of $1,451,250, and San Jose at No. 13 with a price tag of $1,145,000.
Yet, more than 1,700 miles away from the bright lights of San Francisco and the tech-rich Silicon Valley, buyers could buy an entire block of homes in Killeen, Texas for that much money. A similar middle-management home with similar characteristics would cost $136,725 in Killeen.
Serving as a “snapshot” study, the Coldwell Banker HPCI evaluates average home values for select 2,200-square-foot, single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage in 394 markets.
The survey covered cities across the United States, Puerto Rico, Canada and a sampling of countries/territories outside of across the United States, Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence. The cumulative average sales price of the homes surveyed in the 317 U.S. markets (including one in Puerto Rico) covered in the Coldwell Banker HPCI is $422,343.
Several other Northern California housing markets ranked among the 30 most expensive markets nationwide, including Fremont at No. 17 with a price of $983,050, the Oakland/Piedmont market at No. 20 with a $955,000 price, Walnut Creek (No. 25 at $874,000), Pleasanton (No. 26 at $870,000), Santa Cruz (No. 27 at $849,667), San Rafael (No. 28 at $845,000), and the Monterey Peninsula (No. 30 at $838,750).
Let me know if you want more highlights from this important annual report.
Alicia Lanier is a REALTOR and member of the Coldwell Banker Diamond Society – Top 8% of Agents Internationally www.AliciaLanier.com 408-491-1634
