Report: Vienna Second-Most Expensive Home Market in State

Vienna is the second-most expensive home market in Virginia, according to a new Home Listing Report released this week by Coldwell Banker Real Estate.

The 2012 report compares the average home listing price of more than 72,000 four-bedroom, two-bathroom properties listed on coldwellbanker.com between January and June 2012. The average home price in Vienna area came in at $668,317.

Arlington topped the list with an average price of $678,486. Behind it was Alexandria at $587,716, according to the report. The least-expensive market in the state was in Danville, with an average home price of $153,957.

Nationally, the most expensive state-level market was Hawaii, with an average home price of $742,551, followed by Massachusetts and California. The least expensive statewide home market averages were Nebraska, Iowa and Georgia.

Nationally, the most expensive market was Los Altos, Calif., where the average price listing of a four-bedroom, two-bathroom home was $1.7 million. The report noted the Los Altos market is within 15 minutes of Google, Apple, Facebook and Stanford University, highlighting the success of the technology industry.

“The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area,” said Rick Turley, president of Coldwell Banker Residential Brokerage in the San Francisco Bay Area, in a press statement. “Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live.”

The most affordable market this year is Redford, Mich., where a four-bedroom, two-bathroom home is listed at $60,490.

Read the full report here.

Article source: http://vienna.patch.com/articles/report-vienna-second-most-expensive-home-market-in-state

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