Birmingham Has the Priciest Housing Market in Michigan, Report Says
Birmingham is ranked No. 1 among the state's most expensive communities in Coldwell Banker's latest Home Listing Report.
Birmingham has the most expensive housing market in Michigan, a recent report from Coldwell Banker says.
As part of its annual home listing report, released last week, Coldwell Banker ranks Birmingham No. 1 on its list of Michigan's priciest housing markets, noting that the average price of a typical, four-bedroom, two-bath home in Birmingham is listed at $429,800.
Ranking behind Birmingham in Michigan was Cheboygan at No. 2, Bloomfield Township in third and Northville in fourth.
Coldwell Banker's community overview lists the median Birmingham household income at $103,365. Twenty-eight percent of residents have families while half the population commutes 20 minutes or more to work.
The median age of homes in Birmingham is 47 years old, the report reads, with 70 percent of homes owned, 20 percent rented and only 9 percent not occupied.
According to the report, which looked at 2,479 communities across the country, the average price of a typical four-bedroom, two-bath in the United States is $292,152. That price tag jumps to $742,551 in Hawaii, the nation’s most expensive state.
The most expensive housing market in the nation, meanwhile, can be found in Los Altos, CA, where the average price for a home is $1.7 million. On the national list, Birmingham comes in as the 382th most expensive housing market in the country.
Joining Birmingham in the Great Lake State's top 25 priciest communities are a number of neighboring towns, including Rochester, Berkley, Royal Oak and Troy.
Redford, meanwhile, is the least expensive community in nation, according to Coldwell Banker, with an average listing price of $60,490 for a four-bedroom, two-bathroom home.
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Source: Coldwell Banker's Michigan Home Listing Report. *Communities in Michigan were ranked from 1 to 99 in the report.