The demand for luxury is staggering.
According to the latest Luxury Home Index by realtor.com®, $1 million-plus transactions are up 25 percent year-over-year, with the average property snapped up in 105 days—a tightening window.
“Continued growth in high-paying jobs and stock market inertia have reignited many luxury markets this year,” says Javier Vivas, director of Economic Research for realtor.com. “We’ve seen a substantial increase in buyer demand for high-end homes—even with prices and costs of ownership swiftly on the rise.”
According to the Index (which analyzed 91 counties in the luxury segment, examining the prices in the top 5 percent of all sales, specifically), the fastest-growing luxury markets are:
- Sarasota County (Sarasota, Fla.)
Price (Top 5%): $1 million
- Collier County (Naples, Fla.)
Price (Top 5%): $1,674,000
- Queens County (Queens, N.Y.)
Price (Top 5%): $1,258,000
- King County (Seattle, Wash.)
Price (Top 5%): $1,511,000
- Monterey County (Salinas, Calif.)
Price (Top 5%): $1,962,000
- Santa Clara County (San Jose, Calif.)
Price (Top 5%): $2,774,000
- Boulder County (Boulder, Colo.)
Price (Top 5%): $1,327,000
- Santa Cruz County (Santa Cruz, Calif.)
Price (Top 5%): $1,616,000
- Snohomish County (Everett, Wash.)
Price (Top 5%): $801,000
- San Mateo County (Redwood City, Calif.)
Price (Top 5%): $3,475,000
Appreciation has been highest in Sarasota County (home to North Port, Sarasota and Venice), with prices up 19.7 percent year-over-year. The area is at the bottom, however, relative to the top 10, with a $1 million price tag.
MORE: Fueled by Homebuyers up North, Florida Luxury Markets Sing
The costliest crown goes to San Mateo County, which, as a Bay Area compatriot, is closing in on $3.5 million, with prices up 12.3 percent year-over-year. The least pricey? Snohomish County, about 25 miles north of Seattle, where prices have risen 12.7 percent year-over-year.
For more information, please visit www.realtor.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at email@example.com. For the latest real estate news and trends, bookmark RISMedia.com.