Cupertino is 12th Most Expensive Real Estate Market in Country

A 4-BR, 2-bath house in Los Altos-Los Altos Hills is pricier than anywhere else in the country, on average, Coldwell Banker’s annual Home Listings Report finds.

How much does it cost to buy a four-bedroom, two-bath house?

This year, Los Altos/Los Altos Hills, at an average price of $1,706,688, is the most expensive market in the country when it comes to how much house your dollar will buy, according to Coldwell Banker’s annual Home Listing Report.

By contrast, for an average of $60,490 a four-bedroom, two-bathroom home can be found in Redford, Mich., which is just outside of Detroit. It’s a isting price difference of more than $1.6 million.

Cupertino is 9th in California and 12th in the nation with an average price of $1,151,145 for a similar sized home. It sits just above San Francisco with an average of $1,132,086.

In fact, of the nation’s top five most expensive markets, four are on the lower Peninsula and Santa Clara County, and all are in California. Besides Los Altos, they include Saratoga ($1,582,434), Menlo Park ($1,506,909), and Palo Alto ($1,495,364). Newport Beach, in the No. 2 position ($1,658,000), was the only market outside of the Bay Area in the top five.

Coldwell Banker attributes Los Altos’ ranking to the confluence of tech and desirable locations. Google, Apple, Facebook and Stanford University are all located within 15 minutes of Los Altos, Coldwell Banker observed. And, so are the other top-five cities Saratoga, Menlo Park and Palo Alto.

And Los Altos Hills is the town that brought you the $100 million home, purchased by Russian tech investor Yuri Milner in 2011.

“The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, in a written statement.

In fact, among the top 20 most expensive markets in the country, 10 of them are on the Peninsula or in Santa Clara Valley. They include the additional cities (in order of price) of Los Gatos, San Carlos, Cupertino, San Francisco and Redwood City.

High demand, low inventory, desirability and population projections all figure into the prices, Turley said.

Conversely, the most affordable was in Redford, Michigan, where the average a four-bedroom, two bath house cost $60,490—or 28 times less than the same house in Los Altos.

Coldwell Banker lists both the top 20 most affordable and the most expensive in the chart below.

 

For a state-by-state ranking, see this Coldwell Banker link.

Rank Most Expensive State Avg Listing Price Most Affordable States Avg. Listing Price
1 Los Altos $1,706,688 Redford, Mich $60,490
2 Newport Beach, Calif. $1,658,000 College Park, GA $62,080
3 Saratoga $1,582,434 Detroit, Mich. $65,155
4 Menlo Park $1,506,909 Cleveland, Ohio $70,0665
5 Palo Alto $1,495,464 Poinciana, Fla. $76,341
6 Los Gatos $1,444,214 Hastings, Fla $78,840
7 Rye, N.Y. $1,312,250 Jonesboro, GA $79,686
8 Kailua, Hawaii $1,238,208 Park Forest, Ill. $81,107
9 Carmel-By-the-Sea $1,232,167 Augusta, GA $83,966
10 San Carlos $1,230,880 Johnstown, Penn. $84,173
11 Greenwich, Conn. $1,200,525 Cleveland Heights, Ohio $84,535
12 Cupertino $1,151,145 Saginaw, Mich. $85,345
13 San Francisco $1,132,086 Fort Pierce, Fla. $89,292
14 Weston, Mass $1,105,692 Country Club Hills, Ill. $90,788
15 Belmont $1,098,777 Irvington, N.J. $92,264
16 Boulder, Colo $1,084,183 Lehigh Acres, Fla $92,819
17 Orono, Minn. $1,070,203 Terrell, Texas $96,329
18 Mercer Island, Wash. $1,059,411 Warren, Mich. $96,349
19 Darien, Conn. $1,056,933 Ellenwood, Ga. $97,850
20 Redwood City $1,010,394 Maricopa, Ariz $97,886

This article was written by L.A. Chung