Realtors: Newport Beach home prices are tops in U.S.

Newport Beach has the most expensive homes in nation, according to the annual Home Listing Report by Coldwell Banker Real Estate LLC.

A survey of U.S. four-bedroom, two-bathroom home prices, as listed on Coldwellbanker.com, found that Newport Beach led with an average home listing price of about $1.83 million for property listings.

By contrast, America’s most affordable housing market was Detroit, with an average home listing price of $68,000.

The average home listing price of about 18,000 four-bedroom, two-bathroom properties on Coldwellbanker.com, listed between February and August from about 300 U.S. markets, were compared for the survey.

According to report, Newport Beach is “known for its sandy beaches and historic Balboa Pavilion (established in 1906) … has been the backdrop to numerous television shows including ‘The O.C.’ and ‘Arrested Development,’” which may have helped drive home prices up.

Newport Beach has other qualities that tend to drive up real estate properties: a coastal location, well-regarded schools and relatively low crime.

Out of the 10 most expensive real estate markets, five are in California: Palo Alto, San Francisco, La Jolla, Pasadena and Santa Barbara.