The challenge of finding an affordable entry-level home in today’s housing market gets a lot of coverage. First-time buyers facing higher rent, difficulty saving for a down payment, and low inventory are an important demographic and their habits have implications for the overall health of the market. But, at the same time as the starter-home market has been hot, demand for luxury homes has also ramped up. In fact, new research shows sales of homes $1 million and higher are up 25 percent over last year – which represents the largest jump since January 2014. In short, the improved economy and job market has also led to an increase in demand for luxury homes, the same way it has elevated demand across all segments of the housing market. Among specific regions, northern California leads the pack with four of the top 10 fastest-growing luxury markets. Other fast-growing markets include Denver, Seattle, and Nashville, which all have seen homes on the high-end of the market going under contract in fewer days than at this time last year. More here.
This Summer’s Luxury Home Market Is Hot
