10 Most Expensive and 10 Most Affordable Housing Markets by State

PHOTO: The average listing for a four-bedroom, two-bathroom home is $742,551, according to real estate firm Coldwell Banker.
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The U.S. housing market may be in a recovery after a long decline but the difference in price between the most expensive and affordable regions remains as stark as ever.

The city with the most expensive average listing price was Los Altos, Calif., according to real estate firm Coldwell Banker, which released its annual home listing report Wednesday.

In Los Altos, about 40 miles south of San Francisco, the average listing price of a four-bedroom, two-bathroom home is $1,706,688.

That was in sharp contrast with the most affordable market in Coldwell Banker's list. The average listing for Redford, Mich. is $60,490. That wouldn't even be enough to cover the typical sales commission on a home in Los Altos.

Within a short drive of tech companies, Apple, Facebook, and Google and competitive schools, Los Altos was one of five most expensive markets, all in California.

Meanwhile the Commerce Department reported Wednesday that new-home sales, only a small portion of the housing market, ticked down 0.3 percent in October for an annual rate of 368,000, seasonally adjusted. However, new-home sales are 20.4 percent higher than October of last year.

On Tuesday, S&P/Case-Shiller reported that U.S. home prices rose again for the sixth straight month.

Coldwell Banker said the nation's average listing for a four-bedroom, two-bathroom home is $292,152. The firm analyzed more than 72,000 home listings in more than 2,500 U.S. markets from January 2012 to June 2012.

Here are the most "affordable" and "expensive" housing markets based on average listing price by state, according to Coldwell Banker.

1. (Expensive)

Hawaii

Avg. listing price: $742,551

2. (Expensive)

Massachusetts

Avg. listing price: $489,063

3. (Expensive)

California

Avg. listing price: $431,625

4. (Expensive)

New Jersey

Avg. listing price: $421,108

5. (Expensive)

Connecticut

Avg. listing price: $411,884

6. (Expensive)

Colorado

Avg. listing price: $387,309

7. (Expensive)

New York

Avg. listing price: $359,682

8. (Expensive)

Minnesota

Avg. listing price: $357,461

9. (Expensive)

Maryland

Avg. listing price: $354,465

10. (Expensive)

Washington

Avg. listing price: $342,716

The following are the 10 most affordable housing markets by state:

1. (Affordable)

Nebraska

Avg. listing price: $145,360

2. (Affordable)

Iowa

Avg. listing price: $162,621

3. (Affordable)

Georgia

Avg. listing price: $169,625

4. (Affordable)

Kansas

Avg. listing price: $169,650

5. (Affordable)

North Dakota

Avg. listing price: $179,345

6. (Affordable)

Mississippi

Avg. listing price: $182,536

7. (Affordable)

Oklahoma

Avg. listing price: $182,765

8. (Affordable)

South Dakota

Avg. listing price: $185,791

9. (Affordable)

Texas

Avg. listing price: $186,144

10. (Affordable)

Arkansas

Avg. listing price: $186,767

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