The number of homes selling for more than $1 million across the nation rose by 81% over the last year and the high end real estate market, despite earlier predictions, is now hotter than ever, according to a new study by Point2Homes.
The study looks at the share of luxury homes currently on the market in the top 30 biggest cities, 30 mid-sized cities, and 30 small cities (population over 50,000) in the nation.
In many Californian cities, “luxury” real estate (priced $1 million and over) is actually the norm, and the high share of such properties, unattainable for most homebuyers, brings these cities to the top of the rankings.
The Bay Area stands out in the big cities category:
- The median price in San Francisco is $1.5 million and it has the highest share of homes over $1 million (64.1%) and over $3 million (34.2%). But when it comes to properties above $5 million, Los Angeles is the leader;
- San Jose comes in third, with more than 50% of homes for sale above the $1 million mark.
The full rankings and additional data are here: https://www.point2homes.com/news/us-real-estate-news/luxury-homes-cities-ranked.html
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