The most expensive real estate market in the U.S.

(MoneyWatch) It's one of the fundamental truths of real estate: Home prices and desirability are all about location, location, location. According to recent data from Coldwell Banker, there's a $1.6 million price difference between similar homes in the nation's most expensive real estate market, Los Altos, Calif. and the most affordable, Redford, Mich.

The average list price for a four-bedroom, two-bathroom home in Los Altos is $1,706,688, while the average price for a similar home in Redford is listed at $60,490. Nationwide, the average list price for a four-bedroom, two-bathroom home is $292,152.

"The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay area," Rick Turley, president of Coldwell Banker Residential Brokerage in the Bay area, said in a press release. "Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live."

Tech giants Google, Apple and Facebook are all located within 15 minutes of Los Altos, as is Stanford University.

Not surprisingly, coastal states are home to the majority of the country's most expensive markets in the country -- all of the top five most expensive real estate markets are in California. Here's a look at what the average price gets you in those markets.

The most expensive real estate market in the U.S.

5. Palo Alto, Calif.
Average list price: $1,495,364

This four-bedroom, two-bathroom home is listed at $1,448,000. Though it's below the average list price, a 30-year fixed-rate mortgage would still cost you more than $6,900 per month with 20 percent down. For that money you get a "Green" home with a two-car attached garage, large living room and modestly finished kitchens and baths.

The most expensive real estate market in the U.S.

4. Menlo Park, Calif.
Average list price: $1,506,909

Listed at $1,549,000, this three-bedroom, four-bathroom home is slightly above the average list price for Menlo Park. The five-year-old home spans more than 2,800 square feet and offers buyers granite and stainless in the kitchen, wood floors throughout and a nicely landscaped yard. With a down payment of $310,000, buyers can expect their mortgage payments to be around $5,650 per month with a 30-year fixed-rate loan.

The most expensive real estate market in the U.S.

3. Saratoga, Calif.
Average list price: $1,582,434

A search for a home listed at the average price in Saratoga, Calif. yields no results. The only home in the range is this modest ranch offers three bedrooms and one-and-a-half bathrooms and is priced at $1,598,000. Sitting on a 10,000 square-foot lot, the home boasts hardwood floors and "huge" bedrooms, according to the listing. With 20 percent down, buyers will pay an estimated $7,625 per month for a 30-year fixed-rate mortgage.

The most expensive real estate market in the U.S.

2. Newport Beach, Calif.
Average list price: $1,658,000

This five-bedroom, five-bathroom home spans 3,627 square feet and features a three car garage, a big landscaped backyard and modestly finished kitchens and baths. Built in 1964 and listed at $1,650,000, this home sits on a lot that's more than 9,500 square feet. Despite its somewhat lackluster finishes, buyers can expect to spend $6,020 per month with 20 percent down for a 30-year fixed-rate mortgage.

The most expensive real estate market in the U.S.

1. Los Altos, Calif.
Average list price: $1,706,688

This three-bedroom, five-bathroom home features golf course views, high ceilings and plenty of light. Listed at $1,750,000, buyers get granite countertops, hardwood floors and plenty of deck space on which they can enjoy the nice Bay Area weather. Labeled "the perfect home for the busy exec," Google, Facebook, Apple and Stanford University are all minutes away. Purchased at list price, buyers can expect to spend $6,380 per month with 20 percent down for a 30-year fixed-rate mortgage.