Two Southern California neighborhoods made it to the top 10 list of “America’s Richest Neighborhoods” created by geographer Stephen Higley, who took data from the 2006-2010 American Community Survey, according to LA Weekly. However, the list “American’s 1,000 Richest Neighborhoods” saw several metro areas in the top 10. Coming in below New York City and Washington, D.C., Los Angeles came in third of any metropolitan area with 91 of the wealthiest neighborhoods. And the two Southern California neighborhoods that ranked at the top of the list?
Cameo Shores-Highlands, which has a mean household income of $554,721 and Pelican Hill-Pelican Crest with a median income of $549,659. Both of the neighborhoods are located in Newport Beach, and the city is the only one that saw two of its neighborhoods top the list.
According to a report by The Atlantic: “America’s 1,000 richest neighborhoods are home to two million Americans, a group that makes up just 0.6 percent of the country’s population. The top 63 wealthiest neighborhoods have mean household incomes of $390,000 or above, making their average resident automatically a member of the country’s one percent. At the very top, 18 of these neighborhoods have mean household incomes above $500,000.”
Newport Beach Real Estate
The median single-family home value in Newport Beach is $2,465,692 as of March 14, according to Altos Research, a California-based real estate analytics company. In the past year, this median value has climbed substantially from around $1.88 million a year ago. With its highly desirable amenities and opportunities, demand for housing here nearly outstripped inventory, which sits around 205 available homes for sale.
In the past year, the available inventory reached its peak at about 299 properties for the weighted 90-day average, but it spiked above 330 for the seven-day average. The seven-day average also shows that inventory has begun to trend back upwards, so home owners looking to purchase in the area may find there are more opportunities going into the spring season.
As of March 14, the housing market in Newport Beach favors buyers after it fell quickly going into the start of the month. Altos’ Market Action Index measures conditions of a market to determine whether it favors buyers or sellers with a neutral value of 30. After being in seller’s territory since December, the index fell into the buyers zone at the end of February and was marked at 25.81 in the second week of March. This could be an indicator that the median home value has trended too far upwards for home buyers to take advantage of the market.
If you’re interested in purchasing luxury homes for sale in Newport Beach, we would love the opportunity to show you this exclusive beach town. Please contact our team of luxury property experts.
Homes for Sale in Newport Beach Between $7,000,000 and $9,000,000
$7,995,000 : 22 Cypress Point Lane, Newport Beach5 beds, 7 baths
$7,995,000 : 2476 Bayshore Drive, Newport Beach5 beds, 6 baths
$7,950,000 : 104 Linda Isle, Newport Beach5 beds, 5 baths
$7,695,000 : 1700 E Oceanfront, Newport Beach3 beds, 3 baths
$7,499,000 : 701 Bayside Drive, Newport Beach5 beds, 6 baths
See all City of Newport Beach Luxury Homes For Sale.
(all data current as of 10/22/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.