How many homes in the Midwest can you buy for one in Silicon Valley? About 30, according to Coldwell Banker Real Estate LLC. For the second time in three years, Los Altos, Calif., ranked as the nation’s most expensive market, according to the Coldwell Banker Home Listing Report released this week. Newport Beach ranked second in this year’s listing. The average four-bedroom, two-bathroom home in the Silicon Valley market costs $1,963,100, six times the national average of $295,317 and 30 times the cost of a home in the country’s most affordable market, Cleveland. “Both the most expensive and most affordable markets in this year’s Home Listing Report have become real estate hot spots,” said Budge Huskey, Coldwell Banker’s president and chief executive. The annual report’s home price comparisons rank the average listing price of four-bedroom, two-bathroom homes in nearly 2,000 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker report analyzes 51,000 similar listings to compare how much a home in one market would cost if the same home were located somewhere else in the country. Topping the list of the country’s most affordable markets, the average four-bedroom, two-bathroom home in Cleveland lists for $64,993. “As a lifelong Clevelander, I’m excited about what’s been occurring here in recent months, and it goes far beyond LeBron James and Johnny Manziel calling Cleveland home,” said Ed Dolinsky, president of Coldwell Banker Hunter Realty in Cleveland, Ohio. “The downtown area has been rejuvenated, jobs are increasing and our wonderful suburbs such as Avon Lake, North Ridgeville and Parma are some of the best neighborhoods in the nation.”
