Highest and lowest priced housing markets in the U.S.

Image Source: businessinsider.com

Home prices were the highlight of the 2013 U.S. housing market, recovering with bigger than expected price gains and solid home sales. This year, economists predict prices to rise slowly as more homes are coming into the real estate inventory in the succeeding months.

Despite numerous price fluctuations, there are particular housing markets in the U.S. that have remained either affordable or expensive for buyers across different states.

Fox Business reports that Malibu, California, remains the most expensive neighborhood to buy a home in, with a sample-size house priced at more than $2 million. The cheapest homes, meanwhile, are in Cleveland, with a sample size house costing an average of $63,729.

Image Source: cnbc.com

The rankings, which were based on Coldwell Banker’s annual home listing report, used sample-size houses that have four bedrooms and two bathrooms across the country. Throughout 2013, the bank evaluated 1,900 markets and 52,000 listings to come up with the collated data.

Other areas marked with expensive homes are in California: Newport Beach ($1.8 million), Saratoga ($1.7 million), Los Gatos ($1.36 million), and San Francisco (1.3 million). Conversely, the most affordable markets are Ohio ($66,000), Flint, Michigan ($84,000), Saginaw, Michigan ($87,000), and Jackson, Mississippi ($94,000).

One neighborhood that stood out from the list is New York, which has some of the priciest, as well as most affordable homes. Properties in Great Neck, for example, averaged $1.1 million, while those in Buffalo cost around $100,000.

Image Source: buffalonews.com

Jay Eisenstadt and Esplanade Capital provide investors with intelligent and responsible information about real estate trends. For more related topics about housing markets, visit this blog.