Hawaii average home prices highest in nation
HONOLULU (HawaiiNewsNow) - We all saw this one coming: Hawaii has once again been named the priciest state in the nation to buy a home.
A new national report from Coldwell Banker puts the average listing price of a four-bedroom, two-bath home in Hawaii at $904,954.
That's some $325,000 more than the second-priciest state: Massachusetts, where the average four-bedroom costs $577,855.
Last year, the Coldwell Banker analysis put the average listing price for a four-bedroom in Hawaii at $654,648.
If there's any consolation in Hawaii's high ranking, it's that other cities far exceed Honolulu's average home price.
The average home price in Honolulu is $1.2 million, the highest in the state but 14th-highest among municipalities nationally.
The Coldwell Banker report says the priciest market to buy a home in 2016 is Saratoga, Calif., where the average price for a four-bedroom is $2.5 million.
Indeed, California markets dominated the top rankings. Six of the 10 most expensive markets nationally are in tech hub Silicon Valley, and all 10 are in California.
Still, Honolulu's average price for a home moved up in the rankings this year, from 17th in 2015.
Meanwhile, Hawaii markets outside of Honolulu saw more affordable housing prices, but those prices were still way up from 2015.
The average price for a four-bedroom in Kapolei is $708,000, the 106th highest in the nation. That's up from $569,000 in 2015.
The average price in Ewa Beach is $653,000, compared to $597,000 last year.
The most affordable market nationally is Detroit, where the average price of a four-bedroom is $64,000. Cleveland took the second most affordable spot, with an average list price of $73,000.
Coldwell Banker's annual report looks at average listing prices in 2,700 markets nationally.
|HOT HOUSING MARKET|
|*Price for a four-bedroom, two-bath home |
Source: Coldwell Banker
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