From big cities to small towns, the share of homes with selling prices above $1 million is rising quickly.
An analysis from Point2 "looked at the share of homes above $1 million, $3 million and $5 million (where available) to rank these places according to the availability of luxury housing," writes Andra Hopulele.
"According to the National Association of REALTORS® (NAR), the number of homes sold for more than $1 million rose by 81% to 17,216 in February, from 9,635 one year earlier." San Francisco, whose median home price is $1.5 million, "has the highest share of homes above $1 million and the highest percentage of high-end properties priced over $3 million, but Los Angeles dominates the ranking when it comes to the share of high-end homes for sale above $5 million."
Smaller cities also had high percentages of luxury inventory. "In Glendora, CA, 41.2% of the entire inventory of homes for sale is represented by luxury homes with an asking price above $1 million. Four other small markets boast a share of luxury inventory above 10%: Aliso Viejo, CA; Placentia, CA; Queen Creek, AZ and Galveston, TX." And "[w]ith nearly 70% of its entire inventory above the million-dollar mark, Santa Clarita earns the title of most luxurious mid-sized market."
"At the other end of the ranking, El Paso, TX would seem to be the least luxurious of all 30 large cities: No homes are for sale over $3 million nor $5 million. In fact, only 0.6% of all homes for sale are more than $1 million, meaning this Texas city is the most affordable large market."
Read the full story: American Cities with the Highest Share of Luxury Homes for Sale
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