Where do the wealthiest buyers and sellers own property? Coldwell Banker’s “State of Luxury Real Estate 2019” report breaks down the “power markets,” where affluent consumers flock for lifestyle and culture. The brokerage worked with the Institute for Luxury Home Marketing to analyze the top 5 percent and top 10 percent of active and sold listings in 2018.
“There are hotbeds of luxury home sales at the million-dollar price point and higher across the North American luxury market, and The Report provides high-level data on the markets to watch,” says Charlie Young, president and CEO of Coldwell Banker Real Estate. “While there was a moderation in the pace of luxury home sales in 2018, luxury market prices have held their ground since the housing boom began in 2013. When you take the long view, the luxury real estate picture is steady and stable.”
2018 Top 5 Luxury Buyer “Power Markets” in Review
- Maui, Hawaii
- Palm Beach, Fla.
- Washington, D.C.
- Kauai, Hawaii
- Brooklyn, N.Y.
2018 Top 5 Luxury Seller “Power Markets” in Review
- LA Valley, Calif.
- Detroit
- Las Vegas
- Boulder, Colo.
- Raleigh, N.C.
Additional key findings on luxury sales from the report:
- Shortest days on market for single family homes: Raleigh-Durham (median 3 days on market)
- Most affordable (price per square foot) for single family homes: Collin County, Texas, and Ft. Worth, Texas, tied (median price per square foot is $165)
- Most expensive (price per square foot) for single family homes: Los Angeles Beach area (median price per square foot is $1,398)
Source: “State of Luxury Real Estate 2019,” Coldwell Banker (Feb. 12, 2019)
