Homes here aren't cheap.

But they're cheaper than you'll find in most other American communities, a new survey finds.

A typical suburban home costs about a third less in Lancaster County than the national average, according to Coldwell Banker.

The real estate firm's annual "Home Price Comparison Index" shows the typical suburban home here costs $275,000 compared to the national norm of $404,000.

That ranks Lancaster County as the 140th cheapest market out of 315 markets across the country, says the report released Thursday.

Ranked first, meaning cheapest, is Sioux City, Iowa, where the typical suburban home costs $133,000.

Ranked last, meaning most expensive, is La Jolla, Calif., where the same type of home costs $1.8 million.

A number of factors contribute to holding prices here below the national average, said Jeff Geoghan, vice president of Coldwell Banker Select Professionals, the local franchise.

"Property is scarcer in other markets. It's harder to find an acre lot in southern California than it is here," he observed today.

In addition, the average household income in many other markets is higher, allowing sellers to get more for their homes, said Geoghan.

 The Coldwell Banker study looks at the price of a benchmark home — 2,200 square feet, four bedrooms, 2½ baths, a family room and a two-car garage — in every market.

That typical suburban home dropped slightly in price both here and nationally over the past year, the study shows.

In 2007, when Lancaster County ranked 138th, that home cost $281,000 here. The national average last year was $422,000.

Those figures mean the cost of the benchmark home fell 2 percent in Lancaster County over the past year and 4 percent nationally.

But from a longer perspective, prices still have climbed considerably in recent years. In 2002, the benchmark home cost $172,000 in Lancaster County and $292,000 nationally.

Taking a closer look at the new report, the cheapest markets are in the nation's heartland and the most expensive are on the coasts.

Following Sioux City are: Jackson, Mich., $134,000; Akron, Ohio, $136,000; Canton, Ohio, $140,000; and Grayling, Mich., $141,000.

At the other end of the spectrum, following La Jolla as the most expensive markets are: Greenwich, Conn., $1.8 million; Beverly Hills, Calif., $1.8 million; Palo Alto, Calif., $1.7 million; and Santa Monica, Calif., $1.6 million.

Within Pennsylvania, the cheapest market is Erie, at $212,000, good for 64th cheapest market in the nation. The most expensive market in the state is Philadelphia at $512,000, the 244th overall.


Staff writer Tim Mekeel can be reached at tmekeel@LNPnews.com or 481-6030.