Chicago Not One of the Most Expensive or Most Affordable Housing Markets

September 24, 2010

There’s a new list out ranking the most expensive and the most affordable housing markets in the country, and the Chicago real estate market was not on it.

Coldwell Banker Real Estate LLC today released its Home Listing Report, which found a $1.7 million difference between the nation’s most expensive and most affordable cities to buy a home.

The report surveyed more than 18,000 four-bedroom, two-bathroom properties listed on between February and August of 2010 in close to 300 real estate markets.

The average listing price of the homes was $353,000.

The results were not surprising.

The top 10 most expensive housing markets and their average listing price for February through August, 2010:

1. Newport Beach, California $1,826,348

2. Palo Alto, California $1,479,227

3. Rye, New York $1,325,500

4. San Francisco, California $1,325,103

5. La Jolla, California $1,210,300

6. Greenwich, Connecticut $1,195,614

7 Wellesley, Massachusetts $1,080,458

8 Pasadena, California $1,043,683

9. Honolulu, Hawaii $1,026,821

10. Santa Barbara, California $1,024,661

The top 10 most affordable housing markets and their average listing prices for the same time period:

1. Detroit, Michigan $68,007

2. Grayling, Michigan $84,625

3. Sioux City, Iowa $85,967

4. Cleveland, Ohio $87,240

5. Muncie, Indiana $100,314

6. Norfolk, Nebraska $107,814

7. Kansas City, Missouri $112,449

8. Canton, Ohio $114,325

9. Port Huron, Michigan $116,267

10. Topeka, Kansas $116,343

This Chicago home just went under contract with a listing price of $6.95 million. Click on the picture for the story.

Did you notice that all 10 of the most affordable markets are in the Midwest?

The report also listed the most expensive and most affordable housing markets in each state.

Guess: Which Illinois city do you think houses the most expensive market? How about the least expensive? How do you think that compares with the top 10 lists?

The most expensive city in Illinois to buy a house is Deerfield, with an average listing price of $552,918 for Feb. through Aug. 2010. The least expensive: Rockford, with an average listing price of $174,566.

Looks like we come closer to making the top 10 most affordable list before hitting the top 10 most expensive. Considering the state of the real estate market these days, I’m sure Illinois residents are just fine with that.

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[…] Chicago home prices posted an increase in July. It was a slight increase, but it was still one of the highest of all the major markets in the country. […]

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