Luxury housing markets continue to climb, as 20 major counties post double-digit gains in home prices, according to realtor.com®’s 2018 Luxury Home Index, released today. The number of sales at or above $1 million climbed 6 percent over the last year. Realtor.com® defines the luxury price tier as the top 5 percent of residential sales.
Two-thirds of luxury housing markets are seeing inventory move faster than a year ago, according to the report.
“The conditions in the luxury segment are quite different from the market overall—it’s really a tale of two markets,” says Danielle Hale, realtor.com®’s chief economist. “Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we’ve seen more markets with double-digit, entry-level luxury price growth than in the past four years.”
Sarasota, Fla., remains the nation’s fastest-growing luxury market. Sales prices there have climbed 21 percent since a year ago. Half of all luxury homes in Sarasota sold within 165 days, which is 22 percent faster than a year ago.
Rounding out the top five for fastest-growing luxury markets was Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Collier, Fla. Each of these cities saw an annual price growth between 13 and 15 percent, according to the report.
