PALO ALTO (CBS SF) – A new report from Coldwell Banker finds seven of the 10 most expensive cities to buy a home in the United States are in Silicon Valley, with Palo Alto having the second highest home prices in the country.
The real estate company released Tuesday its annual Home Listing Report, which compares the average prices of four-bedroom, two-bathroom homes in 2,700 markets nationwide.
Coldwell Banker found the average price for a four-bedroom, two bath home in Palo Alto is $2,066,600, second only to Newport Beach in Orange County, at $2,291,764.
“The beauty of Newport Beach combined with the continued tech sector growth in Silicon Valley is powering California’s dominance of the most expensive communities in our report,” Coldwell Banker Real Estate LLC president and chief executive officer Budge Huskey said in a statement.
Last week, a 180 square foot shack on La Para Avenue in Palo Alto went on the market with a list price of $1.998 million.
Several other cities in the Santa Clara Valley and Peninsula are among the priciest in the U.S. They include:
- Saratoga (3rd most expensive, average list price of $1.979 million)
- Cupertino (4th, $1.659 million)
- Los Gatos (5th, $1.569 million)
- San Mateo (7th, $1.463 million)
- Sunnyvale (8th, $1.447 million)
- Redwood City (10th, $1.367 million)
San Francisco has the 11th highest average listing price for a four-bedroom, two bath home in the U.S., at $1.36 million. Other Bay Area communities with average home prices above $1 million include Danville, Campbell, Moraga and San Rafael.
San Jose, the Bay Area’s most populous city, is 46th on the company’s list, with an average home price at $871,158.
Coldwell Banker found Cleveland, Ohio to be the most affordable city in the country to buy a home, with the average listing price at $74,502. The most affordable community in the Golden State is California City in Kern County, average price $115,836.
The company excluded communities that had fewer than 10 homes for sale with four bedrooms and two baths between December 2014 and June 2015 from their rankings. According to Money Magazine, Manhattan was also excluded from the rankings because such homes are uncommon there.