Coldwell Banker ranks Cleveland as most affordable city to buy a home

November 14th, 2014

Cleveland's sports teams have aided in attracting new homebuyers to the city.

Real estate brokerage Coldwell Banker has released its 2014 Home Listing Report, which ranks the most expensive and most affordable markets in the U.S., and Cleveland has taken the top spot for affordability.

This report, which Coldwell Banker has produced for at least 30 years, examined the average listing price of 51,000 four-bedroom, two-bathroom properties across 2,000 towns and cities in the U.S. Cleveland’s average list price was $64,993.

“I’ve always known that Cleveland is great, but now other people are starting to realize it as well,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland. “There is clearly a positive vibe in the city and its suburbs.”

Dolinsky went on to say much of consumers’ attraction to the area stems from Cleveland’s sports teams, particularly the athletic feats of Cleveland Cavaliers basketball player Lebron James and Browns football star Johnny Manziel. In fact, following James’ return to Cleveland after spending some time with the Miami Heat, the city’s economy experienced a noticeable boost due to increased ticket and jersey sales, International Business Times reported.

Riverdale, Georgia; Park Forest, Illinois; Lake Wales, Florida; and Lithonia, Georgia, rounded out the top five most affordable cities.

Los Altos, California, remains most expensive market
One the other end of the ranking, Coldwell Banker determined Los Altos was the most expensive place to purchase a home, marking the second time in three years this city came in at No. 1. The average home price was $1.96 million, which is six times the national average.

“Los Altos is such a special place because you get a small town feeling while being right next door to some of the most successful technology companies in the world,” said Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos. “Plus, the weather can’t be beat.”

California dominated the list of top five most expensive markets to buy a home, which included three more cities in Silicon Valley. Given home prices in the area and Silicon Valley’s position¬†as the U.S. technology capital, it’s not surprising the area’s growing economy contributed to a 21 percent year-over-year improvement in luxury home sales in October, according to a separate Coldwell Banker report. Coldwell Banker Residential Brokerage President Mike James said he expects demand for luxury housing in the area to expand with the local economy.