Newport Beach is the nation’s most expensive housing market, according to a report by Coldwell Banker Real Estate LLC.
A four-bedroom, two-bathroom home in Newport Beach averages $1.8 million, according to the Parsippany, N.J.-based real estate agency.
Newport Beach edged out several other pricey California cities on the list, including No. 2 Palo Alto at $1.5 million, No. 4 San Francisco at $1.3 million and No. 5 La Jolla at $1.2 million.
The study looked at 18,000 four-bedroom, two-bathroom homes listed on ColdwellBanker.com from February and August in nearly 300 markets.
The average listing price of the homes studied was $353,000.
An average Newport Beach home was $1.7 million more expensive than the cheapest city on the list, Detroit at an average of $68,000.
The most affordable California city was Lancaster at $141,116.
