A consultancy report has found massive price differences across the US real estate market, with some regions on average over $1m pricer than others.
Research from Coldwell Banker shows La Jolla, California, and Sioux City, Iowa, are the furthest apart in terms of typical values.
A house in the Californian region will set a buyer back $1,841,667 on average, whereas a similar Sioux City house will often go for closer to $133,459.
La Jolla is the most expensive real estate market in the nation, according to the report.
Jim Gillespie, president and chief executive of Coldwell Banker, said:
“This year’s study comes at an interesting time in our nation’s history with the impact of the housing correction and mortgage financing serving as critical economic issues in the presidential election.”
He added he believed now was the “smartest time” in his 33 years in real estate to buy a home.
Affordability had arrived thanks to price corrections and better interest rates, he said.
In total, 13 US markets exceed the $1 million average price mark for the surveyed home. Joining Greenwich and Boston on the list outside of California is Wellesley, Mass.
Dubai is the most expensive market studied outside of North America by the firm, where a home averages $2.45 million, 33 percent higher than La Jolla.
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