Belmont Among the Most Expensive Real Estate Markets in Country ...

How much does it cost to buy a four-bedroom, two-bath house?

This year, Los Altos/Los Altos Hills, at an average price of $1,706,688, is the most expensive market in the country when it comes to how much house your dollar will buy, according to Coldwell Banker?s annual?Home Listing Report.

And Belmont isnt far behind, ranking 15 on the list with an average listing price for a four-bedroom, two-bath home priced at $1,098,777.

In fact, of the nation?s top five most expensive markets, four are on the lower Peninsula and Santa Clara County, and all are in California. Besides Los Altos, they include Saratoga ($1,582,434), Menlo Park ($1,506,909), and Palo Alto ($1,495,364). Newport Beach, in the No. 2 position ($1,658,000), was the only market outside of the Bay Area in the top five.

Coldwell Banker attributes Los Altos' ranking to the confluence of tech and desirable locations.?Google, Apple, Facebook and Stanford University are all located within 15 minutes of Los Altos, Coldwell Banker observed. And, so are the other top-five cities Saratoga, Menlo Park and Palo Alto.

And Los Altos Hills is the town that brought you the $100 million home, purchased by Russian tech investor Yuri Milner in 2011.?

?The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,? said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, in a written statement.

In fact, among the top 20 most expensive markets in the country, ten of them are on the Peninsula or in Santa Clara Valley. They include the additional cities (in order of price) of Los Gatos, San Carlos, Cupertino, San Francisco and Redwood City.

High demand, low inventory, desirability and population projections all figure into the prices, Turley said.

Conversely, the most affordable was in Redford, Michigan, where the average a four-bedroom, two bath house cost $60,490?or 28 times less than the same house in Los Altos.

Coldwell Banker lists both the top 20 most affordable and the most expensive in the chart below.

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For a state-by-state ranking, see this Coldwell Banker link.

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Rank	Most Expensive State	Avg Listing Price	Most Affordable States	Avg. Listing Price
1	Los Altos	$1,706,688	Redford, Mich	$60,490
2	Newport Beach, Calif.	$1,658,000	College Park, GA	$62,080
3	Saratoga	$1,582,434	Detroit, Mich.	$65,155
4	Menlo Park	$1,506,909	Cleveland, Ohio	$70,0665
5	Palo Alto	$1,495,464	Poinciana, Fla.	$76,341
6	Los Gatos	$1,444,214	Hastings, Fla	$78,840
7	Rye, N.Y.	$1,312,250	Jonesboro, GA	$79,686
8	Kailua, Hawaii	$1,238,208	Park Forest, Ill.	$81,107
9	Carmel-By-the-Sea	$1,232,167	Augusta, GA	$83,966
10	San Carlos	$1,230,880	Johnstown, Penn.	$84,173
11	Greenwich, Conn.	$1,200,525	Cleveland Heights, Ohio	$84,535
12	Cupertino	$1,151,145	Saginaw, Mich.	$85,345
13	San Francisco	$1,132,086	Fort Pierce, Fla.	$89,292
14	Weston, Mass	$1,105,692	Country Club Hills, Ill.	$90,788
15	Belmont	$1,098,777	Irvington, N.J.	$92,264
16	Boulder, Colo	$1,084,183	Lehigh Acres, Fla	$92,819
17	Orono, Minn.	$1,070,203	Terrell, Texas	$96,329
18	Mercer Island, Wash.	$1,059,411	Warren, Mich.	$96,349
19	Darien, Conn.	$1,056,933	Ellenwood, Ga.	$97,850
20	Redwood City	$1,010,394	Maricopa, Ariz	$97,886

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Source: http://belmont-ca.patch.com/articles/belmont-one-the-most-expensive-real-estate-markets-in-country

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