There is ceaseless demand for homes in the lowest price tier—but there is also a growing interest in the luxury sector, specifically in the South and West, according to realtor.com® research.
As of May, the fastest-growing luxury markets are in the Sunshine State, the research shows. In May, Sarasota County was the No. 1 luxury market in the nation, with the top 5 percent of the highest home prices soaring 19.1 percent year-over-year. Collier County, which contains East Naples, was the No. 3, with the highest home prices up 13.7 percent year-over-year.
“Luxury prices in the Sunshine State are rising quickly as buyers from places like New York, Boston and Chicago get wind that there is a better bang for their buck available down South,” says Javier Vivas, director of Economic Research for realtor.com. “Meanwhile, we are seeing signs of a luxury market glut in many established markets, which is in some cases leading to spillover demand for their less pricey neighbors.”
Generally, Florida homebuyers in the luxury market are from metros in the North, including Boston, Chicago and New York, where, paradoxically, prices seem stuck. According to the research, at least two Boston counties, one Chicago county and two New York counties include luxury markets where prices are tumbling.
The 10 fastest-growing luxury markets:
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 sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.
