Dubai, United Arab Emirates, is the most expensive international market for homes, while La Jolla, Calif., is the most expensive U.S. market, according to a price study released by the Coldwell Banker brokerage company.
The study compares homes with similar sizes and attributes in 315 U.S. markets and in Puerto Rico, Canada and a sampling of other countries where Coldwell Banker has operations.
First launched in the late 1980s, the annual Coldwell Banker Home Price Comparison Index compares prices for four-bedroom, 2.5-bathroom homes that have about 2,200 square feet of space.
The cumulative average sales price of homes included in the survey in the 315 U.S. markets is $403,738, down 4.4 percent compared to the average price in the 2007 study.
La Jolla topped the list with an average $1.84 million price for homes that meet the study criteria, and Sioux City, Iowa, was the most affordable U.S. market, with an average home price of $133,459 for those homes that meet the study’s criteria.
Beverly Hills topped last year’s list of most expensive U.S. markets, with a $2.21 million average price, and Manhattan was not included in the study because of the lack of homes that met the study criteria, Coldwell Banker reported.
Most expensive U.S. markets
| 1 |
La Jolla, Calif. |
|
2 |
Greenwich, Conn. |
|
3 |
Beverly Hills, Calif. |
|
4 |
Palo Alto, Calif. |
|
5 |
Santa Monica, Calif. |
|
6 |
Santa Barbara, Calif. |
|
7 |
Newport Beach, Calif. |
|
8 |
San Francisco, Calif. |
|
9 |
Boston, Mass. |
|
10 |
San Mateo, Calif. |
Least expensive U.S. markets
| 1 |
Sioux City, Iowa |
|
2 |
Jackson, Mich. |
|
3 |
Akron, Ohio |
|
4 |
Canton, Ohio |
|
5 |
Grayling, Mich. |
|
6 |
Minot, N.D. |
|
7 |
Arlington, Texas |
|
8 |
Muncie, Ind. |
|
9 |
Killeen, Texas |
|
10 |
Eau Claire, Wis. |
Most expensive international markets
| 1 |
Dubai, United Arab Emirates |
|
2 |
Milan, Italy |
|
3 |
Bucuresti, Romania |
|
4 |
Madrid, Spain |
|
5 |
Rome, Italy |
|
6 |
Dublin, Ireland |
|
7 |
Paris, France |
|
8 |
Hamilton, Bermuda |
|
9 |
Florence, Italy |
|
10 |
Providenciales, Turks and Caicos |
Least expensive international markets
| 1 |
Quito, Ecuador |
|
2 |
Guayaquil, Ecuador |
|
3 |
Samborondon, Ecuador |
|
4 |
Hanoi, Vietnam |
|
5 |
San Jose, Costa Rica |
|
6 |
Pereira, Colombia |
|
7 |
Panama City, Panama |
|
8 |
Bogotá, Colombia |
|
9 |
Granada, Nicaragua |
|
10 |
Fukouka, Japan |
Source: 2008 Coldwell Banker Home Price Comparison Index
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