NEWPORT BEACH (CBS) — Newport Beach leads the list of the most expensive real estate markets in the United States for the second year in a row.
According to Coldwell Banker Real Estate LLC, the average listing price of a home in the coastal community is $2.5 million.
Coldwell Banker issued their annual “Home Listing Report” Wednesday. The report ranks the average listing price of a four-bedroom, two-bathroom home in more than 2,300 markets in the U.S. and Canada. All homes included in the report were listed between September 2010 and March 2011.
Pacific Palisades ranked as the second most expensive market in the nation. The “Home Listing Report” found the average listing price of a home there to be $1.6 million, nearly $1 million less than Newport Beach.
Out of the ten most expensive markets, six are in California: Newport Beach, Pacific Palisades, Rancho Palos Verdes, Saratoga, Los Gatos and Cupertino.
Jim Gillespie, the CEO of Coldwell Banker, told KNX 1070 that homeowners across the economic spectrum have been affect by the recent slump in the housing market.
“I don’t think there’s any market in the country that have not been harmed to some degree,” said Gillespie.
The report found that the most affordable real estate market in California is in Rosamond with an average listing price of $ 108,000.
Niagara Fall, NY was listed as the cheapest place to purchase a home with an average listing price of $61,000, according to the report.