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 White Plains, NY - According to the 2008 Coldwell Banker® Home Price Comparison Index (HPCI) released September 9, 2008, Greenwich, Conn., ranked as the second most expensive real estate market in the nation behind La Jolla, Calif. In New York, Katonah ranked as the most expensive; Rye was the second most expensive.
In this annual comparison of similar homes in 315 U.S. markets, La Jolla topped the chart as the most expensive real estate market in the nation with a $1,841,667 average home price. Sixteen hundred miles away in America’s heartland sits Sioux City, Iowa the most affordable real estate market in America, where a similar home would cost $133,459.
Differing from most housing reports which compare median prices, the annual Coldwell Banker HPCI provides an apples-to-apples comparison of similar type 2,200 square foot, four bedroom, two-and-a-half bath homes in 315 markets across the U.S., in addition to Puerto Rico, Canada and a sampling of countries/territories outside of North America where Coldwell Banker has a presence.
According to Connecticut survey results, the most expensive markets in the state were Greenwich with an average of $1,787,000, Fairfield with an average of $679,250 and Old Lyme with an average of $571,250. The survey also reported that Danbury had an average home price of $549,250 followed by Milford with $467,475, and West Hartford with $394,500. Not surprisingly, Westchester County ranked among the most expensive markets in New York. Katonah reported an average of $888,750 and Rye reported an average of $860,000.
“Connecticut and Westchester County, N.Y. continue to be desirable locations for homebuyers,” said Kate Rossi, president, Coldwell Banker Residential Brokerage in Connecticut and Westchester County, N.Y. “Both regions are strong markets for long-term home investments and will continue to be in the future.”
Through the comprehensive HPCI section on www.coldwellbanker.com, consumers can calculate what their homes may be worth in other areas in the U.S. and Canada to gather preliminary intelligence about the affordability of housing from one market to another.
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