Coldwell Banker ranked over 2,000 U.S. cities in the 2016 Home Listing Report. Because the average size home can vary greatly from market to market, the report compares the average price of four-bedroom, two-bathroom homes in each city to provide a more apples-to-apples comparison. And as of today, Newport Beach is the second most expensive real estate market in the U.S. Arcadia ranked number 5 and La Cañada Flintridge number 8.
A sample-size home goes for an average of $2,130,338 in Newport Beach. California dominated the top ten spots on this year’s Home Listing Report, and three of those markets are in Southern California. Overall, the average price of such a home in California as a whole was $560,091 – making it the third most expensive state in America following Hawaii and Massachusetts.
Top 10 Most Expensive Markets
Saratoga*, Calif., $2,453,718
Newport Beach, Calif., $2,130,338
Cupertino*, Calif., $1,812,833
Redwood City*, Calif., $1,807,068
Arcadia, Calif., $1,748,680
Carmel, Calif., $1,722,500
San Francisco*, Calif., $1,672,100
La Cañada Flintridge, Calif., $1,571,846
Sunnyvale*, Calif., $1,566,616
Los Gatos*, Calif., $1,470,524
Why is Newport Beach so pricey? As with all real estate, it’s because of the city’s location, location, location – right along the coast in Orange County.
Curious to see what a standard four-bed, two-bath in Newport Beach looks like? Check out this property listed for $2.049 million in coveted One Ford Road community in Newport Beach.
ABOUT THE 2016 COLDWELL BANKER HOME LISTING REPORT
- The annual report is the most extensive home price comparison tool currently available in the U.S., ranking the average listing price of four-bedroom, two bathroom homes in more than 2,000 markets.
- While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker® HLR analyzes more than 50,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
- The national average listing price of a four-bedroom, two-bathroom home is $320,120 which, on average, can buy a sample size home in nearly 1,300 markets across the country.
The Most Affordable and Expensive Markets in Each State
An interactive list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker® HLR website. The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2016 and June 2016 for 51,163 listings in 2,168 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2016 and June 2016 were excluded from the ranking.