Manhattan isn’t the only part of the U.S. with a slowing luxury real estate market. High-end homes across the country are taking longer to sell, according to a new report by Concierge Auctions.
A whopping 72 percent of luxury homes in the U.S. spent more than 180 days on the market in 2017, up from 59 percent in 2015.
Westchester County’s market is particularly sluggish. Homes that spend more than 180 days on the market sell for 62 percent of the asking price on average, compared to 71 percent countrywide. Luxury properties in Westchester spend 798 days on the market on average, according to the report, a total only surpassed by Nashville, Cape Cod and Atlanta. One key factor is property tax rates in Westchester, which rank highest in the land. Homebuyers in the county are now unlikely to qualify for the mortgage interest deduction under the new federal tax plan. Plus, homeowners can only deduct up to $10,000 in state and local taxes.
Miami homes take 608 days to sell on average, while properties in San Francisco take a paltry 55 days. Beverly Hills luxury homes averaged 347 days on the market while luxury properties in Belair typically stay on the market for 251 days, according to the research. Luxury homes in Palm Beach, Florida averaged 476 days on market.