Business & Tech
Real Estate: University Place Ranks 24th in State For Most Affordable Housing
New study by Coldwell Banker Real Estate ranks University Place as the 24th least expensive community in the state to buy a home.
In a new study released Wednesday, Coldwell Banker Real Estate LLC ranked University Place in the middle of the pack for inexpensive housing markets in the state.
Coldwell Banker Real Estate's Home Listing Report compares listing prices from September 2010 to March 2011 for four-bedroom, two-bathroom homes in more than 2,300 North American markets. The survey reviewed 58 real-estate markets in Washington, with 1 being the cheapest and 58 being the most expensive.
The average four-bedroom, two-bathroom house in University Place was listed at $299,732, which ranks as the 24th most inexpensive home in the state. That number put the city at 1,545 among all the U.S. markets in the survey, with 2,300 being the most expensive.
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The most expensive city in the survey was Newport Beach, Calif., with an average home listing price of approximately $2.5 million for property listings meeting the subject home criteria. The most affordable U.S. market in the report was Niagara Falls, N.Y., which has an average home listing price of approximately $61,000.
Spokane contained the most affordable markets in the state, with an average four-bedroom, two-bathroom home listing price of approximately $189,551. University Place's neighbor, Lakewood, ranked 14th, with the average house costing $264,279.
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Mercer Island, at an $1,143,521 average listing for the same type of home, was the state’s most expensive market. The average four-bedroom, two-bathroom home in Washington overall was $364,771, compared to the national average of $293,251,
Here is a complete list of the Washington markets featured in the 2011 Coldwell Banker Home Listing Report:
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