Business

Outside California, America’s priciest houses are in Wellesley

A home on  Marshall Road in Wellesley.

Joanne Rathe/Globe Staff/File

A home on Marshall Road in Wellesley.

Wellesley has topped a new list of Massachusetts’s priciest real estate markets.

At $1.1 million, the average four-bedroom, two-bathroom house in the swanky suburb costs as much at 17 similar houses in Cleveland, according to the real estate company Coldwell Banker. Coldwell listed Cleveland as the most affordable market in the nation.

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Nationally, Wellesley was the most expensive market for big houses outside of California.

The real estate broker looked through its listings of large family houses in 2,000 markets across the country and 66 in Massachusetts. The second priciest market in the state was Cohasset, where a four-bed, two-bath sells for $924,000, or $166,000 less than a house of the same size in Wellesley.

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Anyone looking to buy a big house for a song in Massachusetts would be best off buying in Springfield, where such houses were listed for an average of just $151,000 over the first half of 2014. That’s less than a quarter of the price of a similar house in Boston, but more than double the $65,000 price tag of a house like that in Cleveland, the country’s cheapest market.

Across the country, the most expensive market was Los Altos, Calif., in the heart of Silicon Valley, with an average listed price of $1.96 million, followed by Newport Beach ($1.90 million), Saratoga, ($1.87 million), Redwood City/Woodside ($1.43 million), and Los Gatos ($1.30 million), all in California.

After Wellesley and Cohasset, the next priciest Massachusetts markets were Lexington ($918,600), Hingham ($891,342), Newton ($884,767), and Marblehead ($875,347).

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Take the numbers with a big grain of salt, however. Coldwell Banker only analyzed the prices of four-bedroom, two-bathroom homes that it had listed -- nothing bigger or smaller -- and ranked cities and towns where ten or more such houses were listed. Not only does that eliminate smaller towns, but even large cities like Detroit, which does not appear in the rankings.

Massachusetts Top 10 highest average home prices

DATA: Coldwell Banker

Globe Staff

Highest average home prices in the US

DATA: Coldwell Banker

Globe Staff

Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.
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