Newport Beach, Calif. Tops Most Expensive List in U.S. for Second Straight Year

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Coldwell Banker Real Estate LLC released its Home Listing Report (HLR) on June 5, 2011 – a snapshot survey of average listing prices for four-bedroom, two-bath homes in more than 2,300 North American markets.

Newport Beach, Calif., led the list of most expensive U.S. real estate markets for the second year in a row, with an average home listing price of approximately $2.5 million for property listings meeting the subject home criteria. The most affordable U.S. market in the report is Niagara Falls, N.Y., which has an average home listing price of approximately $61,000. The dramatic difference of more than $2.4 million between most expensive and most affordable U.S. housing markets is just one of the many findings in this comprehensive market comparison.

The Coldwell Banker Home Listing Report compiles extensive information on real estate data from around the U.S. and Canada for home buyers and sellers.  The Coldwell Banker HLR provides the average home listing price of four-bedroom, two-bath properties on www.coldwellbanker.com that were listed between September 2010 and March 2011 from more than 2,300 North American markets. The U.S. average for the surveyed listings was approximately $293,000.

Markets included in the U.S. report were required to have at least 10 properties fitting the above criteria within the relevant timeframe, and in Canada, at least five properties were required.

Newport Beach properties were almost a million dollars more than the next most expensive market, Pacific Palisades (with an average listing price of $1.6 million). 

“This year’s home listing report is by far the most in-depth local market source of data that Coldwell Banker has ever released,” said Jim Gillespie, chief executive officer, Coldwell Banker Real Estate LLC. “We’ve included nearly 10 times more markets than ever before, which gives us unmatched real estate insight into thousands of North American cities. For instance, we can see that there are more than 775 U.S. markets averaging $200,000 or less for these types of aspirational homes. We know that home buying remains a deeply personal lifestyle decision, and we believe that reports like this, along with trusted real estate agents, will help today’s buyers make smart decisions.”

2011 Coldwell Banker U.S. Home Listing Report – Highlights:

• The Golden (Housing) State: Out of the 10 most expensive real estate markets, six come from California: Newport Beach ranked 1 with an ave. listing price of $2,537,12; Pacific Palisades ranked 2 with an ave. listing price of $1,606,99; Rancho Palos Verdes ranked 4 with an ave. listing price of $1,312,53; Saratoga (near San Jose) ranked 5 with an ave. listing price of $1,281,88; Los Gatos (near San Jose) ranked 6 with an ave. listing price of  $1,261,17; and Cupertino (near San Jose) ranked 10 with an ave. listing price of $1,140,65. 

• High-End Stats.: The survey included more than 50 housing markets where the average listing price for the subject home was more than $750,000, including 15 markets whose average listing price exceeded $1 million. 

For more details on Coldwell Banker’s U.S. Home Listing Report, visit http://www.ColdwellBanker.com