Luxury prices are strengthening, with double-digit growth in 20 of the largest markets in the nation—a contrast from the housing market overall, according to the August Luxury Home Index by realtor.com®. The age of inventory in the luxury segment sped up to 121 days, the Index shows.
“The conditions in the luxury segment are quite different from the market overall—it’s really a tale of two markets,” says Danielle Hale, chief economist for realtor.com. “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.”
According to the Index, which analyzes 91 counties in the luxury segment—examining prices in the top 5 percent of all sales, specifically—the fastest-growing luxury markets are:
- Sarasota County, Fla.
Price (Top 5%): $1 million
- Queens County, N.Y.
Price (Top 5%): $1.29 million
- Santa Clara, Calif.
Price (Top 5%): $2.84 million
- Boulder County, Colo.
Price (Top 5%): $1.35 million
- Collier County, Fla.
Price (Top 5%): $1.71 million
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.