The Real Deal New York

Luxe life: Sales of $1M homes are on the rise across the US, study shows

In that high-end segment, million-dollar resi sales were up 25 percent in April
By Dennis Lynch | July 12, 2018 04:40PM

A luxury home (Credit: Pixabay)

Home sales of $1 million or more are on the rise in the U.S.

A new report from Realtor.com found that homes selling for $1 million or more were up 25 percent in April year over year.

That represented the largest jump in four years. The study tracked 91 counties around the country, and identified the luxury segment in each market, considered the top 5 percent of home sales.

While the number of million-dollar listings that have sold is up, those properties were being purchased quicker, as well.

The amount of time that homes in those 91 markets remained on the market was on average 105 days, down seven days compared to last year. Around two-thirds of the 91 luxury markets saw inventory moving quicker than a year ago.

More than a dozen markets across the country saw the entry-level luxury price go up by double digits year over year.

Manhattan, which has among the priciest homes in the country, has seen stagnation in luxury sales. But the borough is largely responsible for the city’s average luxury sales price of $3.6 million, according to a recent report by Christie’s International Real Estate.

In neighboring Queens, where the high-end home market is far smaller, luxury segment prices have been on the rise. They were up nearly 16 percent year of over, to an average of $1.26 million.

Meanwhile, in Northern California, prices were up between 9.8 and 13.2 percent. The fastest-growing luxury market in the country was Sarasota, Florida, with a 19.7 percent price increase.

Some parts of New Jersey also saw double-digit price increases.