Newport Beach is 8th Most Expensive Housing Market

Newport Beach came in 8th in the annual Home Price Comparison Index, a survey of housing prices nationwide conducted by Coldwell Bankers. Newport is one of three Orange County cities to make the list, the others being Irvine and Mission Viejo.

Newport Beach homes currently go for an average of $1.3 million, an 8% drop from last year's home prices. This has pushed it down the ranks from 7th place last year and 6th place two years ago.

Irvine came in 34th, down two places from 2008 and three places from the previous year. Mission Viejo suffered a bigger drop, falling from 33rd in 2007 and 39th in 2008 to only 55th place this year.

Eight of the top ten markets were located in California, with La Jolla in San Diego taking first place with an average of $2.125 million. Beverly Hills and Greenwich, Connecticut came in second and third, averaging $1.9 million and $1.5 million respectively.

Rounding out the top ten were Palo Alto, Santa Monica, San Francisco, Boston, Massachusetts, Palos Verdes, and San Mateo. All have average prices exceeding the $1-million mark.

The Coldwell Banker survey includes 310 major housing markets in the U.S. perceived as middle manager's housing. According to the firm, most homes evaluated were around 2,200 square-foot single-family units with four bedrooms and two and a half baths.

The study also showed that targeted homes go for about $363,000, a 9% drop from last year. Homes are also getting more affordable nationwide: Coldwell found that homes below $200,000 make up 28% of the market compared to only 15% last year.

 

Earlier in Newport Beach Real Estate News:
Newport Beach Home Prices Up Over Year
Newport Beach Among O.C.’s Slowest Markets
Newport Beach ZIP Sees Sales Spike as Prices Plunge