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REAL ESTATE INDUSTRY NEWS
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Newport Beach named most expensive housing market in the nation

The region's average listing price is $1.8 million, says Coldwell Banker.

By Kristen SchottPublished: September 22, 2010 09:33 AM

Newport Beach takes the top spot among the 10 most expensive housing markets in America, with an average listing price of $1.8 million for a four-bedroom, two-bathroom property, according to a study conducted by New Jersey-based Coldwell Banker Real Estate.

The most affordable housing market in the U.S. is Detroit, Mich., with an average listing price of $68,000.

That equates to a $1.7 million difference between Newport Beach and Detroit, according to the Home Listing Report, which measured more than 18,000 four-bedroom, two-bathroom properties in nearly 300 markets across the U.S.

The average listing price among homes surveyed is $353,000.

Meanwhile, six California cities rank among the most expensive markets in the report. Palo Alto came in at No. 2, with a $1.5 million listing price. San Francisco, La Jolla, Pasadena and Santa Barbara also appear in the lineup.

The 10 most affordable markets were located in the Midwest, according to the report.

Photo courtesy of the Anaheim/O.C. Visitor and Convention Bureau

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Readers Feedback:

It's all about LOCATION, LOCATION, LOCATION. Who in their right mind would want to live in Detroit?
Comment at 9/22/2010
Is this good for the housing market in Newport? Will this attract more people, or make them shy away?
Comment at 9/22/2010