Riverdale is Georgia's most affordable housing market, according to a new Coldwell Banker Real Estate's 2011 Home Listing Report.
The report, released Wednesday, looks at the average listing price of a four-bedroom, two-bath home in 2,300 North American markets between September 2010 and March. The survey examined 97 real estate markets in Georgia and found Riverdale, with an average listing of $61,618, was the most affordable. Dunwoody is the state's most expensive market, with an average listing of $379,866. Nationally, a four-bed, two-bath home averaged $293,251, well above the Georgia average of $180,373.
Nationally, Riverdale's housing market was second only to tourist magnet Niagara Falls, N.Y. where the average list price was $60,820. Two other Georgia cities made Coldwell's top 10 list of most affordable U.S. markets: College Park was fourth ($72,477) and Lithonia was eighth ($77,385). The report noted that all three cities are within a 20-mile commute of Atlanta, which had an average list price of $255,000
Newport Beach, Calif. topped the list of most expensive U.S. markets for the second consecutive year with an average list price of more than $2.54 million, nearly a million dollars more than the next most expensive market, Pacific Palisades. Vancouver, British Columbia was Canada's most expensive city, with an average listing price of $1.55 million. Windsor, just across the river from Detroit, was Canada's most affordable at $144,460.
Riverdale's affordability is no surprise given its metro Atlanta location. The southside is struggling with large numbers of foreclosures in an already depressed housing market. But the head of a group of southside realtors said the listings may be more reflective of activity during the winter months and not the current listings.
"You have to be careful with averages because while there are some selling for $120,000, there are some selling for $14,500. Listings may be a little higher now although (the number of closings) may be lower," said Earlene Gardner, McDonough-based president of Metro South Association of Realtors.
Nonetheless, Gardner said the Coldwell report shows the upside of the housing market.
"Certainly it's a terrible time to sell, but the flipside to that is that it's a wonderful time to buy."
Coldwell's state and national data and can be found at: http://hlr.coldwellbanker.com/.
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