Luxury living is still in vogue. After becoming the first area of the real estate market to recover from the financial crisis, luxury home sales remain strong with the help of a booming stock market, low interest rates, and overseas investment. Although international investor demand is starting to diminish, several cities are experiencing strong million-dollar-plus home sales.
Sales of homes across the nation for $1 million or more are outpacing the rest of the housing market. In the third quarter, these sales rose by 9% from a year earlier while the total housing market declined 1.2%, according to a new analysis from Redfin. In fact, total sales have contracted for three consecutive quarters while the luxury market has expanded. This is also being reflected in the inventory figures as the supply of million-dollar homes plunged 13% in the third quarter compared with last year.
“A million dollars will still buy what’s considered a luxury home in most parts of the country, but there are of course places where this price point will buy nothing more than the average home,” explains the report. “As expected, several pricey California cities were at the top of the list for million-dollar-home sales in the third quarter. But a couple of cities that are considered affordable also made the list.”
Let’s take a look at the top 10 cities selling the most million-dollar-plus homes.