If you think Apple or Facebook stock is expensive, look at the price of real estate near their headquarters.
Los Altos, California, in the heart of Silicon Valley, is now the most expensive real estate market in the country, according to a new report from Coldwell Banker. The average four-bedroom, two-bath home in Los Altos costs $1,963,100—about 30 times the average cost of a home in Cleveland, the country's most affordable market.
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"The continued success of many tech companies throughout Silicon Valley has brought markets such as Los Altos into focus," said Joe Brown, managing broker of Coldwell Banker Residential Brokerage in Los Altos.
In fact, California has a virtual sweep on the 10 most expensive markets in the country, claiming all but one of the top 10 spots. Granted, Coldwell didn't include New York City in its data, so the results are skewed.
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But the list shows just how big the economic ripple effects of the tech boom have become in California.
10 most expensive real estate markets in the U.S.
| Rank | City | Average price |
|---|---|---|
| 1 | Los Altos, CA | $1,963,100 |
| 2 | Newport Beach, CA | $1,904,083 |
| 3 | Saratoga, CA | $1,867,980 |
| 4 | Redwood City/Woodside, CA | $1,430,329 |
| 5 | Los Gatos, CA | $1,307,408 |
| 6 | San Francisco, CA | $1,294,250 |
| 7 | Sunnyvale, CA | $1,267,185 |
| 8 | Moraga, CA | $1,129,300 |
| 9 | San Mateo, CA | $1,093,346 |
| 10 | Wellesley, MA | $1,090,089 |
Source: Source: Coldwell Banker
For the report, Coldwell Banker pulled average listing prices of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2014 and June 2014. Markets without at least 10 four-bedroom, two-bathroom listings on the website (such as New York City) between January 2014 and June 2014 were excluded from the ranking.
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