Construction industry outlet Construction Coverage just released a report listing the most expensive neighborhoods in every state.
Researchers from the site used data collected from real estate website Zillow to look at home pricing trends across the country.
“According to the Zillow Home Price Index, the median home price in the U.S. is $226,700. However, real estate prices vary widely depending on location. At a macro level, home values in the U.S. tend to be highest in the Northeast and on the West Coast. The South and the Midwest generally have the lowest median home values,” says Construction Coverage.
Their local conclusion? Mount Lookout is the second most expensive neighborhood in Ohio, with a reported median home value of $460,400.
“Over the last year, home prices in Mount Lookout have increased 2.4 percent and in the last five years have increased 5.86 percent,” says the report.
The most expensive neighborhood in Ohio was Malvern in Shaker Heights, outside of Cleveland, which had a median home value of $468,300 and a peak home value of $538,900. The most expensive neighborhood in the U.S. overall was Port Royal in Naples, Florida with a median home value of $8,041,800.
You can see the full report here.
And here is more detail on their methodology:
“The home price data used in this analysis is from Zillow. The median home value is the most recent Zillow Home Value Index, accessed on April 17, 2019. This statistic includes all homes in a given neighborhood, including single-family, condominium and co-operative homes with a county record.
For each state, the neighborhood with the highest median home value was identified and used as the basis for this list. This analysis is limited to the homes and the 7,439 most popular neighborhoods for which Zillow collects data on. As a result, it’s possible that certain more expensive neighborhoods exist, but are not represented on this list. Notably, data for Wyoming is not available.”
This article appears in May 15-22, 2019.