According to recent data from the Luxury Home Index by realtor.com®, $1 million-plus transactions are increasing annually at a rate of 25%, with the average property lasting on the market for 105 days.
“Continued growth in high-paying jobs and stock market inertia have reignited many luxury markets this year,” says realtor.com’s director of Economic Research, Javier Vivas. “We’ve seen a substantial increase in buyer demand for high-end homes—even with prices and costs of ownership swiftly on the rise.”
Here is a list of the fastest-growing luxury markets:
Sarasota County (Sarasota, Fla.) : $1 million
Collier County (Naples, Fla.) : $1,674,000
Queens County (Queens, N.Y.) : $1,258,000
King County (Seattle, Wash.) : $1,511,000
Monterey County (Salinas, Calif.) : $1,962,000
Santa Clara County (San Jose, Calif.) : $2,774,000
Boulder County (Boulder, Colo.) : $1,327,000
Santa Cruz County (Santa Cruz, Calif.) : $1,616,000
Snohomish County (Everett, Wash.) : $801,000
San Mateo County (Redwood City, Calif.) : $3,475,000