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The Most Expensive Real Estate Markets in the US


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The Most Expensive Real Estate Markets in the US


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Conventional wisdom about the real estate market shows that properties that are located nearer the coasts are much more expensive than anywhere else. The reason is pretty simple to understand. They say that people like to retire in a house near the beach. Retirees sometimes have the most dispensable income of them all, which means they have more capability to pay expensive beach houses.

 

But is there any truth to this? Do people really perceive coastal properties as more expensive? Recent findings show that it really is, in the United States at the very least. This was according to a report released by Coldwell Banker last Wednesday.

The Coldwell Banker Home Listing Report looked at more than 18,000 four-bedroom, two-bathroom properties listed on the website from February to August. It covered over 300 markets across the country. The results it found out were not really surprising, with the most expensive properties listed in sunny California and int he northeast. The priciest market is Newport Beach, CA. On the other end of the spectrum is Detroit, which was listed as the cheapest market, like most of the Midwest.

People like the sun, the beach, and the mountains that surround them. California has this plus a lot more, with some of the most advanced economies in the entire country. Same thing with the northeast, although there aren't as much opportunities for sun exposure here. Add to that the fact that markets in the Midwest, like troublesome Detroit, are having some serious economic trouble, and you can come out with this unsurprising list. Now if you don't have enough money, you now know the markets to avoid.

Well, if I was given the opportunity to find a retirement place anywhere, I actually don't see any reason to stay in the country. If you have the money to go traveling and staying somewhere more exotic, then the better. But to each his own, I suppose.

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Tags: • beach housesnewport beachcoldwell bankerretirement placecoastal propertiesreal estate marketexpensiveus real estate


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