Newport Beach, California, home to Real Housewives of Orange County castmembers, was named the most expensive housing market in the United States for the second year in a row by the Coldwell Banker Home Listing Report.
The price of a typical home in Newport Beach is $2.5 million dollars.
Cupertino, California - Steve Jobs' childhood stomping ground and current home of Apple headquarters - ranked tenth on the list with an average home price of $1.14 million.
The report offers a survey of average listing prices for four-bedroom, two-bathroom homes the country's 2,319 distinct housing markets.
The overall U.S. average for the surveyed listings was approximately $293,000. The data was compiled from buyers and sellers who purchased or listed homes between September 2010 and March 2011.
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The $2.5 average home price in Newport Beach is nearly a million dollars higher than in the Pacific Palisades (a Los Angeles enclave), which ranks second on the list with an average 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, Jim Gillespie, CEO of Coldwell Banker Real Estate LLC, said in a statement. We've included nearly ten 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 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.
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.
Out of the 10 most expensive real estate markets, six come from California: Newport Beach, Pacific Palisades, Rancho Palos Verdes, Saratoga, Los Gatos and Cupertino.
Niagara Falls is the most inexpensive housing market, with an average listing price of approximately $61,000 for a four-bedroom, two-bathroom home.