Last week Coldwell Banker released the findings of its new Home Listing Report (HLR) that shows prices for a normal four-bedroom, two bathroom home in different cities. While it may be no surprise to find Detroit bringing up the rear, you may be shocked to see how much it costs to buy a home in many California communities.
#1 Most Expensive Housing Market: Newport Beach, Calif.
Newport Beach tops the list as the most expensive real estate market in America. You’ll need $1,826,348 to buy a slice of the golden state in Newport (and that only gets you four-bedrooms and two bathrooms).
You could buy this home in Newport Beach for the price of 27 homes in Detroit.
The price difference between the home in Detroit and the one in Newport Beach is a staggering $1,758,341. You could buy about 27 homes in Detroit for that amount.
Read about the rest of the most expensive markets in America on CBSMoneyWatch.com.
What are the Least Expensive Housing Markets in America?
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