Western states dominated a list of the 10 most expensive college real estate markets, while Midwestern states led among the 10 least expensive college markets, according to a report released last week from global franchise company Coldwell Banker Real Estate.
Coldwell Banker’s College Home Listing Report considered the average listing prices for three-bedroom, two-bathroom homes listed for sale on coldwellbanker.com between August 2010 and August 2011 in 117 college towns nationwide. In nearly two-thirds of the markets (76), such homes were listed for less than $200,000 on average during the time period examined, while in over a fifth of markets (26), such homes asked for less than $150,000 on average.
"Our report underscores the homeownership opportunities in many of these vibrant, affordable communities that are known for their high energy, educational systems and often stable job markets," said Jim Gillespie, the company’s CEO, in a statement.
Memphis, Tenn., home of the University of Memphis, was the least expensive college real estate market on the list with an average listing price of $89,244, followed by Muncie, Ind., home of Ball State University, with an average list price of $107,346. Midwestern college towns in Indiana, Michigan and Ohio made up more than half of the list of 10 least expensive markets.
Las Vegas, home to the University of Nevada, Las Vegas, was the only Western market among the 10, while Buffalo, N.Y., home of the University of Buffalo, was the only Northeastern market.
10 least expensive college town markets:
|Rank||Market, State||College||Average Listing Price|
|1||Memphis, Tenn.||University of Memphis||$89,244|
|2||Muncie, Ind.||Ball State University||$107,346|
|3||Ypsilanti, Mich.||Eastern Michigan University||$107,458|
|4||Toledo, Ohio||University of Toledo||$112,688|
|5||Kalamazoo, Mich.||Western Michigan University||$116,455|
|6||Buffalo, N.Y.||University of Buffalo||$123,212|
|7||Las Vegas, Nev.||University of Nevada, Las Vegas||$124,955|
|8||Fort Worth, Texas||Texas Christian University||$128,491|
|9||Kent, Ohio||Kent State University||$130,218|
|10||Lafayette, Ind.||Purdue University||$132,910|
Source: Coldwell Banker Real Estate
Western cities accounted for eight out of the 10 most expensive college real estate markets, with half of those in California. The most expensive market was the Westwood neighborhood of Los Angeles, home to the University of California, Los Angeles, with an average listing price of $1.27 million — a difference of $1.18 million from the least expensive market considered.
Westwood was followed closely in cost by Silicon Valley town Palo Alto, Calif., home of Stanford University, with an average listing price of $1.23 million.
Chestnut Hill, Mass., home of Boston College in the Northeast, and Annapolis, Md., home of the United States Naval Academy in the South, were the only non-Western towns among the 10.
10 most expensive college town markets:
|1||Westwood, Los Angeles, Calif.||University of California, Los Angeles||$1,271,428|
|2||Palo Alto, Calif.||Stanford University||$1,232,070|
|3||Honolulu, Hawaii||University of Hawaii||$779,419|
|4||Los Angeles, Calif.||University of Southern California||$733,473|
|5||Boulder, Colo.||University of Colorado||$731,617|
|6||Berkeley, Calif.||University of California, Berkeley||$695,520|
|7||Chestnut Hill, Mass.||Boston College||$669,617|
|8||Seattle, Wash.||University of Washington||$570,535|
|9||San Jose, Calif.||San Jose State University||$541,231|
|10||Annapolis, Md.||United States Naval Academy||$522,420|
Source: Coldwell Banker Real Estate
Complete rankings for all schools considered are available on Coldwell Banker’s website.