Today, Coldwell Banker Real Estate LLC released its 2015 Home Listing Report (HLR), which ranks the affordability of six real estate markets in Hawaii. The Coldwell Banker® Home Listing Report named Keaau on the Big Island the most affordable market in Hawaii, with an average listing price of $283,270, while Honolulu ranked as the most expensive market in the state, with an average listing price of $1,133,400.
The annual report is the most extensive home price comparison tool currently available in the United States, ranking the average listing price of four-bedroom, two bathroom homes in more than 2,700 markets. While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker Home Listing Report analyzes more than 81,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
“The Home Listing Report reflects the vast diversity Hawaii offers. Living in paradise can be extremely expensive or extremely reasonable depending on which part of the state you choose. Honolulu offers a blend of city living in close proximity to the flora and fauna you would expect to see in the tropics and is ranked the highest in price in this report, while Keaau is closer to an active volcano than any city and is the least expensive in the state according this report,” said Kalama Kim, REALTOR® and principal broker of Coldwell Banker Pacific Properties.
“Hawaii is consistently ranked as one of the best places to live. The Home Listing Report adds the caveat that you have to pay a high price to live in the best place,” added Kim.
Most Affordable / Expensive Markets Within Hawaii
Ewa Beach $597,516
Keaau, HI $283,270
Markets included in the report were required to have a minimum of 10 four-bedroom, two-bathroom home listings on coldwellbanker.com between December 2014 and June 2015. Any market not included in this year’s report did not meet that threshold.
Key Highlights from the 2015 Coldwell Banker® Home Listing Report:
- With an average listing price of $654,648 for a 4 bedroom, 2 bath home, Hawaii ranks as the most expensive state in the United States.
- All of the top 100 affordable markets in the country have an average listing price under $135,000.
- Meanwhile, all of the top 25 most expensive markets have an average listing price of $1 million or more.
- The national average listing price of a four-bedroom, two-bathroom home is $302,632, which on average can buy a four-bedroom, two-bathroom home in more than 1,600 markets across 34 states.
- California accounts for nine of 10 of the most expensive markets in the U.S.
- Forty-five (45) of the 100 most affordable markets are found in Midwest states.
- Even though California accounts for half of the top 100 most expensive markets, it is only ranked the third most expensive state in the country.
A list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker Home Listing Report website. Check out the full Home Listing Report to see how your town ranks compared to the most expensive and affordable markets in the country.
About the 2015 U.S. Home Listing Report (Methodology):
The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between December 2014 and June 2015 for 81,417 listings in 2,722 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between December 2014 and June 2015 were excluded from the ranking.