The luxury housing market finally showed some signs of life at the end of 2015, as there was a 3.1 percent increase in sale prices for the most expensive 5 percent of homes. However, a slowing economy and turbulent stock market might prevent this increase from becoming a trend, according to Redfin.
Philadelphia, Austin, and Sacramento saw some of the biggest gains with the former two seeing luxury home prices that were more than 20 percent higher than a year prior. While Austin’s jump can be seen as expected due to the exponential growth of the city, Philadelphia’s growth was a bit more surprising.
On the opposite end of the scale are Baltimore and Tampa, whose prices for luxury homes fell 17.9 percent and 14.7 percent respectively. In addition to Baltimore, Chicago and Houston have seen the prices for luxury homes fall for two consecutive quarters, as well.