MADISON, N.J., Sept. 8, 2016 /PRNewswire/ — Tech is hot, and Silicon Valley is hotter. For the third time in five years, the technology capital of the world ranked as the most expensive place to live in the United States in the Coldwell Banker Real Estate Home Listing Report (HLR). According to the report, which is the most extensive home price comparison tool in the U.S., the average four-bedroom, two-bathroom home costs $2,453,718 in this year’s most expensive market, Saratoga, California. Six of the top 10 most expensive markets are in Silicon Valley, and all 10 are in California.

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Saratoga, CA most expensive city to buy a home in U.S. where 4-bed, 2-bath home costs $2.5M bit.ly/coldwellbanker2016HLR via @ColdwellBanker

Top 10 Most Expensive Markets

1. Saratoga*, Calif., $2,453,718
2. Newport Beach, Calif., $2,130,338
3. Cupertino*, Calif., $1,812,833
4. Redwood City*, Calif., $1,807,068
5. Arcadia, Calif., $1,748,680
6. Carmel, Calif., $1,722,500
7. San Francisco*, Calif., $1,672,100
8. La Cañada Flintridge, Calif., $1,571,846
9. Sunnyvale*, Calif., $1,566,616
10. Los Gatos*, Calif., $1,470,524

*Indicates Silicon Valley

In contrast, the 2016 HLR found that you don’t have to move to the middle of nowhere to find an affordable home. Many of the most affordable markets are located in -or within an hour’s drive to- metropolitan areas that offer access to jobs, culture, entertainment or top universities. This year, Detroit, an iconic city which has seen a major revitalization, ranked as the most affordable market in the country where an average four-bedroom, two-bathroom home costs $64,110.

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Detroit most affordable city to buy a home in U.S. where 4-bed, 2-bath home costs $64,110 bit.ly/coldwellbanker2016HLR  via @ColdwellBanker

Top 10 Most Affordable Markets

1. Detroit*, Mich., $64,110
2. Cleveland*, Ohio, $73,073
3. Park Forest*, Ill., $78,392
4. Jamestown*, N.Y., $88,891
5. Utica*, N.Y., $92,891
6. Wilkes-Barre*, Pa., $94,436
7. Scranton*, Pa., $104,842
8. Huntington*, Ind., $105,614
9. Augusta*, Ga., $106,567
10. Palatka*, Fla., $110,655*

*Indicates a market in or within commuting distance to metropolitan areas

QUOTES:

"Silicon Valley has been at the forefront of innovation in the U.S. for years, with leading tech companies attracting some of the brightest entrepreneurial minds in the world. Clearly, the amenities of the region are also impacting home prices.  While there are 25 communities in the U.S. where the average price of a four-bed, two-bath home is more than $1 million, it’s fascinating to find that nearly 40 percent of the cities we studied had like-sized homes for less than $250,000."

– Charlie Young, president and chief executive officer of Coldwell Banker Real Estate LLC

"Saratoga has long been known for attracting Bay Area business executives. The continued success of the technology industry coupled with the ongoing demand for properties, exclusivity, highly-ranked public schools and comparably larger lot sizes of the area have made Saratoga one of the most desirable places to live in Silicon Valley."

– Nancy Robinson, regional vice president of Coldwell Banker Residential Brokerage San Francisco Bay Area

"The city of Detroit has been experiencing a renaissance in the last few years. Due to an invigorated community, culture and resurgence of young professionals, more and more people are looking to Detroit as an affordable place to settle and lay down roots."

– John North, chief executive officer of Coldwell Banker Weir Manuel in Bingham Farms, MI                                                                                

ABOUT THE 2016 COLDWELL BANKER^® HOME LISTING REPORT

• The annual report is the most extensive home price comparison tool currently available in the U.S., ranking the average listing price of four-bedroom, two bathroom homes in more than 2,000 markets.
• While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker^® HLR analyzes more than 50,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
• The national average listing price of a four-bedroom, two-bathroom home is $320,120 which, on average, can buy a sample size home in nearly 1,300 markets across the country.

An interactive list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker^® HLR website.

About the 2016 U.S. Home Listing Report (Methodology):
The Coldwell Banker^® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2016 and June 2016 for 51,163 listings in 2,168 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2016 and June 2016 were excluded from the ranking.

About Coldwell Banker Real Estate LLC 
Since 1906, the Coldwell Banker^® organization has been a premier provider of full-service residential and commercial real estate brokerage services. Coldwell Banker Real Estate is the oldest national real estate brand and franchisor in the United States, and today has a global network of approximately 3,000 independently owned and operated franchised broker offices in 47 countries and territories with almost 85,000 affiliated sales professionals. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by taking a leadership role in the smart home space, being the first national real estate brand with an iPad app, the first to augment its website www.coldwellbanker.com for smart phones, the first to create an iPhone application with international listings, the first to develop an iPad application (CBx) to easily bring big data into home listing presentations, and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On Location^SM YouTube channel. Coldwell Banker is a leader in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International^® marketing program delivering exceptional experiences for all consumers served.

SOURCE Coldwell Banker Real Estate LLC