The five most expensive U.S. housing markets are in California, nevertheless, Hawaii is the most expensive state, according to an annual study by Coldwell Banker Real Estate.

The average listing price of a four-bedroom, two-bathroom home in Hawaii is $742,551, far exceeding the average of $431,625 across No. 3 California, as well as the $489,063 average in second-ranked Massachusetts.

The most affordable homes are in Nebraska, with average comparable listing prices of $145,360; Iowa, where the average listing is $162,621, and Georgia, at $169,625.

The five most expensive individual markets all are in California, with four in the San Francisco Bay area.

No. 1 is Los Altos, Calif. which tops the list with an average listing of $1,706,688 for a four-bedroom, two-bath home. It is  followed by Newport Beach, at $1,658,000; Saratoga, at $1,582,434; Menlo Park, at $1,506,909; and Palo Alto, at $1,495,364.

The most expensive Hawaii market, according to Coldwell Banker, is Kailua, Hawaii, with an average listing price of $1,238,208, ranked No. 8 in the nation.

http://hlr.coldwellbanker.com/SurveyStateList.html