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Thinking about moving to another city? Coldwell Banker Real Estate Corporation has released its annual Home Price Comparison Index that offers an "apples-to-apples" comparison of similar homes sold in typical, middle-management transferee neighborhoods in 348 markets across the United States, Puerto Rico and Canada. The snapshot study provides insight into the most expensive and most affordable markets among some of the regions where people most often relocate.
According to the U.S. Census Bureau, 40 million Americans moved between 2002 and 2003. The Coldwell Banker comparison index formula allows consumers to specifically calculate what their own home could be worth in another city and provides preliminary guidance for the affordability of housing from one market to another.
"Americans are a mobile people, especially during an expanding economy," said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "The Coldwell Banker HPCI serves as a useful tool for those involved in transfers and moves or the curious who want to see what their home would cost in other markets. Home prices vary greatly from market to market, and the HPCI gives some clarity to what homes cost in different parts of the country."
Highlights from the report include:
* The cumulative average sales price of the 322 U.S. markets surveyed in the comparison study is $354,372, up 11.38 percent from $318,172 in 2003.
* More than 60 percent of the markets surveyed have an average home price of less than $300,000.
* For the second year in a row, the study's most expensive market is La Jolla, Calif. ($1,708,333). The most affordable market is Minot, N.D. ($130,300).
* Seven of the country's 10 most expensive markets are in California. The others are in Connecticut, Massachusetts and Hawaii.
* Montana and Texas are each home to two of the top 10 most affordable markets.
* American markets that come closest to the $354,372 HPCI national average sales price are Minneapolis, Minn., and Leesburg/Loudoun County, Va.
* Alabama narrowly beats Nebraska as having the least price variance within one state. Alabama has a $7,891 difference between Huntsville ($188,466), the most expensive area, and Mobile ($180,575), the most affordable.
* California has the greatest variance within the same state at $1,359,733 between La Jolla ($1,708,333) and Riverside/Ontario ($348,600).
According to the Coldwell Banker price comparison index, the top 10 most expensive homes overall in 2004 were located in La Jolla, Beverly Hills, Santa Barbara, Palo Alto, Greenwich, Connecticut, Newport Beach, San Mateo, San Francisco, Wellesley, Mass., and Kailua Kona, Hawaii.
For more information go to www.coldwellbanker.com.
Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to jnewton@jnpr.com.
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