This Just In: Malibu is America’s Most Expensive Place to Live
Los Angeles area claims the top two priciest housing markets on Coldwell Banker’s Home Listing Report.
“We’re number one! And number two!” But that’s not necessarily a good thing. Malibu and Newport Beach have been rated as the top two most expensive housing markets in the U.S., according to the 2013 Coldwell Banker Home Listing Report.
The report did an apples-to-apples comparison of four-bedroom, two-bathroom homes in more than 1,900 real estate markets across the United States, and found that a sample-sized home in the affluent beach community of Malibu lists for $2.15 million, compared to $63,729 in Cleveland, Ohio, which is the least expensive market in the U.S.
Newport Beach was second most expensive on the list, with the average sample-sized house listing at $1,773,824. All of the top five most expensive markets are in California, with numbers 3-5 located to the north: Saratoga, Los Gatos and San Francisco, respectively. The Golden State also boasted 13 of the 25 most expensive markets in the country.
"With its laidback, yet star-studded lifestyle, Malibu is undergoing a transformation from a seasonal destination to a year-round locale," Madison Hildebrand, an agent with Coldwell Banker Residential Brokerage in Malibu and star of Bravo's Million Dollar Listing, said in a press release. "Situated on the Southern California coast with beautiful homes and even more stunning views, you're not only paying for world class properties, you're paying for a way of life." And that way of life includes one of the best school districts in the state.
Tour Homes in the Southland's Most Expensive CommunitiesView All 8 Photos
Altogether, Southern California markets accounted for eight of the 50 most expensive markets in the country. You’d think neighborhoods like Beverly Hills and Brentwood would rank high, but they’re not even in the top 50. That could be because researchers at Coldwell Banker made their calculations based on their listings of four-bedroom, two-bath homes in markets that had at least 10 properties for sale between January 2013 and June 2013. It could be that some of the swankier areas had mostly larger listings available during that time period.
That left Pasadena, of all places, next at number 14, with the average sample-sized home there costing $1,092,087.
18. Santa Barbara, $1,061,475
26. Huntington Beach, $874,908
33. Irvine, $830,292
36. Costa Mesa, $808,461
49. Long Beach, $742,591Not that we want to start a mass exodus, but to find out where other communities ranked, visit ColdwellBanker.com. The vast majority of the least expensive markets are located in the Midwest.