Got $2.1M? Malibu Ranked Most Expensive Real Estate Market In U.S.
MALIBU (CBSLA.com) — It’s long been the home of Hollywood celebrities, white sandy beaches and some of the most picturesque views in all of Southern California – and now a new report says it’s the most expensive place to live in the United States.
According to an annual report, an average four-bedroom, two-bathroom home in the affluent beach community of Malibu lists for $2.15 million, compared to the average $63,729 price of a similar-sized home in Cleveland, Ohio.
The star-studded, 12,832-resident Malibu is just one of several California cities to rank among the most expensive markets in the U.S., along with Newport Beach, Saratoga, Los Gatos, and San Francisco, according to the 2013 Coldwell Banker U.S. Home Listing Report.
Pasadena and Santa Barbara were among the other California cities to also rank among the top 25 most expensive real estate markets nationwide.
In contrast, 60 percent of the 25 most affordable markets are in the Midwest, according to the report.
“You could buy 34 homes in Cleveland for the same amount you could buy one in Malibu,” Coldwell Banker president Budge Huskey told KNX 1070 NEWSRADIO.
Overall, California ranked as the third most expensive state in the country, with an average home price of $473,301. New York is the only state that had markets ranked on both the most expensive and most affordable lists, according to the report.
The survey was conducted using the average listing price of four-bedroom, two-bathroom real estate properties between January 2013 and June 2013 for 52,257 listings in 1,997 markets. Markets without at least 10 four-bedroom, two-bathroom listings between January 2013 and June 2013 were excluded from the ranking.
Click here to read the full 2013 U.S. Home Listing Report.