Homeowner Center

Knowledge

Homeowner Center Knowledge

« Back to Homeowner Center Home

HOUSING'S MOST EXPENSIVE AND MOST AFFORDABLE MARKETS IDENTIFIED THROUGH 2003 COLDWELL BANKER® HOME PRICE COMPARISON INDEX (HPCI)
  • Study evaluates cost variances of similar home in 317 US markets
  • More than $1.2 million difference between nation's most expensive market (La Jolla, Calif. ) & most affordable market (Binghamton, N.Y.)

Parsippany, N.J. (September X, 2003) -- What is your home worth in another city? Coldwell Banker Real Estate Corporation (Coldwell Banker) today released its 2003 annual Home Price Comparison Index (HPCI) which offers an apples-to-apples comparison of similar homes sold in typical, middle-management transferee neighborhoods in 317 markets across the U.S. and 25 markets in Canada . The snapshot study provides insight into the nation's most expensive and most affordable markets among the top most relocated-to areas within the United States . With more than 43 million Americans moving each year or 16 percent of the population*, the HPCI's formula also allows consumers to specifically calculate what their own home could be worth in another city thus providing preliminary guidance for the affordability of housing within a market to aid their decision process. *This press release offers an overview of the study's findings, the full data report and the automatic calculation function to determine specific home values can be accessed on www.coldwellbanker.com through both the News and Resource Center.

2003 Coldwell Banker, HPCI - Highlights and Top Markets Lists: The HPCI's cumulative national average sales price of all markets surveyed in the study is $318,143; up 6% from $291,097 in 2002 (NEED TO UPDATE ). The study's most expensive market is La Jolla, CA, ($1,362,375), and the most affordable market is Binghamton, NY, ($121,400) indicating a price difference of $1,240,975 for a similar 2,200 square foot home. Six of the country's 10 most expensive markets are in California. Two are in Connecticut and one each in Hawaii and Massachusetts. Out of the top 10 most affordable markets, two were in Oklahoma and there was no major predominance among the rest as the cities spanned all regions of the country. American markets that come closest to the HPCI national average sales prices are both in Pennsylvania : Westchester : $317,250 and Media: $319,725. Alabama has the least price variance between markets - $2,750: with Huntsville being the most expensive ($182,075) and Mobile being the most affordable ($179,325). California has the greatest variance, $1,146,533, between La Jolla $1,362,375 and Bakersfield $215,842

The top 10 most expensive and most affordable markets overall in 2003 are:

MOST EXPENSIVE MOST AFFORDABLE
La Jolla, California
$1,362,375		 Binghamton, New York
$121,400
Greenwich, Connecticut
$1,170,600		 Killeen, Texas
$127,175
Beverly Hills, California
$1,097,250		 Minot, North Dakota
$129,075
San Francisco, California
$971,750		 Topeka/Shawnee County, Kansas $136,266
New Canaan, Connecticut
$963,750		 Tulsa, Oklahoma
$136,625
Wellesley , Massachusetts
$959,048		 Aberdeen, South Dakota
$138,000
Newport Beach, California
$916,000		 Billings, Montana
$138,725
Kailua Kona, Hawaii
$906,250 		Sioux City, Iowa
$139,500
Manhattan Beach, California
$904,500		 Parkersburg, West Virginia
$141,250

The most expensive and most affordable markets within each state in the United States are:

ST

MOST EXPENSIVE

AVG. SALES PRICE

MOST AFFORDABLE

AVG. SALES PRICE

VARIANCE

AL

Huntsville

$182,075

Mobile

$179,325

$2,750

AK

Juneau

$402,853

Fairbanks

$213,300

$189,533

AZ

Scottsdale

$321,900

Mesa

$178,666

$143,234

AR

Fayetteville

$172,350

Fort Smith

$157,100

$15,250

CA

La Jolla

$1,362,375

Bakersfield

$215,842

$1,146,533

CO

Boulder

$424,475

Colorado Springs

$170,505

$253,970

CT

Greenwich

$1,170,600

Litchfield County/Torrington

$258,625

$911,975

DE

Wilmington

$313,250

 

 

 

FL

Miami/Coral Gables

$588,000

Pensacola

$162,333

$425,667

GA

Atlanta

$271,250

Dalton

$166,000

$105,250

HI

Kailua Kona

$906,250

Kihei, Maui

$493,025

$413,225

ID

Boise

$184,958

Coeur d'Alene

$173,800

$11,158

IL

Chicago

$610,375

Rockford

$151,225

$459,150

IN

Munster

$268,936

Fort Wayne

$155,075

$113,861

IA

Des Moines

$196,600

Sioux City

$139,500

$57,100

KS

Overland Park

$223,414

Topeka/Shawnee County

$136,266

$87,148

KY

Louisville

$212,125

Florence

$187,300

$24,825

LA

New Orleans

$229,350

Lafayette

$160,666

$68,684

ME

Portland

$307,775

Lewiston/Auburn

$155,300

$152,475

MD

Bethesda/Chevy Chase/
Montgomery County

$345,050

Waldorf/Charles County

$199,624

$145,426

MA

Wellesley

$959,048

Worcester

$305,450

$653,598

MI

Ann Arbor

$959,048

Indian River

$305,450

$134,800

MN

Edina

$296,800

Moorhead/Clay County

$155,800

$178,200

MS

Jackson

$184,250

Gulf Port/Biloxi

$149,520

$34,730
MO

St. Louis

$193,466

Springfield

$158,250

$35,216

MT

Kalispell

$198,250

Billings

$138,725

$59,525

NE

North Platte

$185,666

Kearny

$177,125

$8,541

NV

Reno/Sparks

$270,424

Las Vegas

$204,975

$65,449

NH

Hanover

$458,915

Amherst

$296,625

$162,290

NJ

Ridgewood

$701,000

Turnersville/Gloucester
County

$206,000

$495,000

NM

Santa Fe

$407,875

Albuquerque

$201,166

$206,709

NY

Nassau

$806,250

Binghamton

$121,400

$684,850
NC

Raleigh

$211,167

Fayetteville

$164,668

$46,499

ND

Fargo

$171,171

Minot

$129,075

$42,096
OH

Cincinnati

$221,166

Dayton

$166,975

$54,191

OK

Tulsa

$136,625

Oklahoma City

$132,670

$3,955

OR

Bend

$298,411

Salem

$215,725


$82,686

PA

Philadelphia County/Center City Philadelphia

$466,225

Reading

$169,372

$296,853

RI

Providence

$275,100

 

 

SC

Charleston

$274,666

Greenville

$154,746

$119,920

SD

Sioux Falls

$161,475

Aberdeen

$138,000

$23,475

TN

Nashville

$185,975

Knoxville

$141,625

$42,350

TX

Dallas

$228,725

Killeen

$127,175

$101,550

U

Salt Lake City

$226,941

Provo

$207,440

$19,501

VT

Burlington

$276,250

Montpelier

$210,500

$65,750

VA

Alexandria

$675,000

Norfolk / Virginia Beach

$185,300

$491,700

WA

Bellevue

$450,967

Spokane

$193,039

$257,928

WV

Charleston

$190,667

Parkersburg

$141,250

$49,417

WI

Milwaukee

$253,000

Eau Claire

$146,400

$106,600

WY

Cheyenne

$177,200

 

 

 

"With continued record home sales, residential real estate will remain a solid pillar for the economy for the foreseeable future," said Alex Perriello, president and CEO of Coldwell Banker Real Estate Corporation. "Historically low mortgage rates and increasing demand among key demographics such as the baby-boom & echo boom generations, single-parent families, minorities and immigrants continue to drive the residential sector to new heights."

Index Formula Provides Customizable, Home Cost Insight for Buyers/Sellers: What would your house cost if you were moving from Tucson, AZ to Alexandria, VA? The HPCI's standard statistics indexing formula provides an answer. Consumers can either use the automated indexing formula by logging onto the "News > HPCI" section on www.coldwellbanker.comand clicking their information or they may do so manually by looking up index numbers listed on the site and following the instructions: Multiply the market value of your current home by the index number of the destination city where you plan to move. Then, divide that number by the index number of the market where your current home is located. Example: Your home in Tucson, AZ (index # 63) has a market value of $200,000 and you are moving to Alexandria, VA (index #212). $200,000 x 212 = 42,400,000 divided by 63 = 673,016.87. Therefore, the approximate price you would pay for a similar home in Alexandria, VA is approximately $673,000.

If you can't find what you're looking for here, please or call 800-261-SOLD (7653) with any questions you might have.

.