December 18 • 01:51 PM
QR Code
flag image


Most expensive markets
The home price comparison index evaluates home prices in more than 300 markets.
submitted by Wendy
September 22, 2005 | 11:48 AM

Attention, residents of La Jolla, California -- you can sell your homes and buy 14 identical ones in Killeen, Texas, and still have more than $36,000 left in your pocket.

The latest annual Coldwell Banker Home Price Comparison Index, which surveys prices of similar homes in 324 real-estate markets, reveals that a 2,200 square foot, four-bedroom, two-and-a-half bath, two-car garage home in Killeen costs just $131,328.

In La Jolla, a similar home goes for $1,875,000, more than 14 times as much. La Jolla was the most expensive market surveyed.

The findings underscore the oldest real-estate chestnut in the books: The three most important factors in home buying are location, location, and location.

On the one hand you have La Jolla, perched on the Pacific in a perfect, mild climate, with cultural amenities and abundant recreational opportunities a short drive away.

On the other you have Killeen, founded on prairie land in the middle of Texas midway between Dallas and San Antonio, a young, quick-moving town that has grown up around Fort Hood, the largest army base in the country.

Ever upward

Coastal locations command big premiums over inland areas. The nine top markets on the Coldwell Banker index are on or near the coast in California and the 10th is Greenwich Connecticut, a suburb of New York City that nestles against the Long Island Sound.

"People want to live where it's warm, and where it's beautiful, preferably with a views of the ocean," said Jim Gillespie, CEO of Coldwell Banker, which has been conducting its comparison survey for 15 years.

In California, Gillespie reports, the supply and demand equation has fallen out of balance. The state will add 250,000 households this year, but is forecast to build only 210,000 new homes. That could keep home prices high.

Gillespie that in 52 percent of the markets surveyed, the average price was under $300,000. Most of these markets are off the coasts and all 10 of the most affordable cities are far from the sea.

Of the least-expensive markets, after Killeen comes Minot, North Dakota ($133,266) and Beckley, West Virginia ($137,875).

The index is also useful for figuring what a new place would cost should you be transferred to another part of the country. Coldwell Banker uses index data for its Web site tool that figures what a house is worth in other markets.

A home located in, say Bayside, New York, worth $800,000, would cost $981,000 in Santa Cruz ,California, $561,000 in Santa Fe, and $283,000 in Salem, Oregon.

Articles Search
Member Profile
Apr 08


iconEmail Me
iconMessage Me
icon3 Articles
icon14 Photos
icon1 Song
smiley peteFor a small publishing company, with large amounts of content, wanting to make an impressive charge into cyberspace, without prior web-publishing experience, Linear Publishing delivered everything we needed, and even options we didn't know existed, in a quick and effective manner.

Linear's staff worked with us to make sure we had the site we wanted, and the software provided is easy and vast for continuous changes and improvements.

Within a month of launching, the results have already gone well beyond hopes and expectations. I recommend Linear Publishing as far as somebody is allowed to make a recommendation.

Robbie Clark
Web editor
Smiley Pete Publishing
12 - 18 - 18
Born December 18th
1886: Ty (Tyrus Raymond) Cobb, American baseball player, first man to be elected to the Baseball Hall of Fame.
1913: Willy Brandt, Mayor of Berlin and Chancellor of West Germany.
December 18th
in history
1956: Japan is admitted to the United Nations.
1960: A rightist government is installed under Prince Boun Oum in Laos as the United States resumes arms shipments.
1965: U.S. Marines attack VC units in the Que Son Valley during Operation Harvest Moon.Harvest Moon.
1970: An atomic leak in Nevada forces hundreds of citizens to flee the test site.
1972: President Richard M. Nixon declares that the bombing of North Vietnam will continue until an accord can be reached.