More luxury home sales occurred in the first half of 2018. Transactions that were $1 million–plus were up 25 percent year over year, according to realtor.com®’s Luxury Home Index. That marks the largest leap in luxury home sales since January 2014. Luxury is defined as the top 5 percent of all residential home sales in a given market.
In the 91 luxury markets analyzed, the entry-level price rose 4.6 percent year over year. Seventeen of those 91 luxury markets saw prices grow 10 percent year over year. Also, the average property sold faster this year than last, averaging a 105-day window (down 7 days from a year ago).
“Continued growth in high-paying jobs and stock market inertia have reignited the luxury market this year, driving buyer demand for high-end homes—even with price costs of ownership swiftly on the rise,” notes Javier Vivas, realtor.com®’s director of Economic Research.
Prices of upscale homes are rising. Fifty-one of the 91 luxury markets now have an entry point of at least $1 million, according to the index.
See where the top 10 fastest-growing luxury markets are:
Source:
“Luxury Home Prices Gain Momentum in First Half of 2018,” realtor.com® (July 12, 2018)
