Open House
Welcome to Open House, a News Tribune blog on the real estate industry and its curious musings, gossip and yes, even facts and analysis.


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Seattle area real estate blog

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(National real estate news/research co. with a blog)

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Seattle-area blog on real estate, art and politics.

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Tacoma and South Puget Sound Real Estate Blog
Monday, September 15th, 2008
Posted by John Gillie @ 02:38:50 pm

A new study by Coldwell Banker Real Estate rates Tacoma's residential real estate prices 129th in the country among 316 cities.

The study is unique in that it ranks cities not by the median prices of homes, but by the price of a typical 2,200-square-foot, 4-bedroom, 2.5-bath home.

The study shows that geographic location places a huge role in what homes cost.

In Tacoma, according to the Coldwell Banker study, such a home would cost $338,750, but in the nation's most expensive market, the San Diego suburb of La Jolla, Calif., the same home would cost $1.84 million.

The same-sized dwelling in the country's least expensive market, Sioux City, Iowa, the cost would be just $133,459.

Most of the cities at the bottom end of the list are in the Midwest or Texas. That typical home in Houston, for instance, would cost $158,625, and maybe less now that Hurricane Ike has raked over the Texas Gulf coast city.

Not all the inexpensive cities are in the corn fields of the Midwest. The Coldwell Banker "average" home in Colorado Springs on the edge of the Rockies would cost $198,500.

If you're looking to move to the sunnier climate of California, beware. Even with recent steep drops in home prices, eight of the most expensive cities in the country are in the Golden State.

Not only does broad geographic location play a big role in home prices, but so does the city's reputation. The Coldwell Banker house that costs $338,750 in Tacoma would cost $814,483 in Bellevue, just 40 miles distant.