Unexpected Cities With Rebounding Luxury Markets

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May 16, 2016

Jupiter Island, Fla. led the U.S. real estate market with the largest year-over-year jump in the number of luxury sales in 2015 at 52 percent, realtor.com reports. Not only was this 52 percent good enough to lead the U.S. housing market, it was also third internationally, just behind Valencia, Spain, and Auckland, New Zealand, which had an annual bump in sales of 89 percent and 63 percent respectively. These figures all come from a recent Christie’s International Real Estate study.

Like most places, the sale of high-end properties on Jupiter Island tends to follow the stock market. For a while sales were flat as they mirrored the stock market, then, as the stock market improved, sales improved as well. But now that the stock market has become volatile again, purchases of $2 million and $3 million homes have slowed.

Jackson Hole, Wyo. was just behind Jupiter Island on the domestic list with a 45 percent rise in sales of $3 million-plus properties in 2015. Many of the people who moved to Jackson Hole were 30-year-old “dot-com sensations” who have the ability to telecommute and work remotely.

Portland (40 percent), San Antonio (31 percent), Orlando (27 percent), Charleston (27 percent), and Atlanta (25 percent) are other markets that saw significant rebounds, as well. Further down on the list, in 12th place, is possibly the most surprising city; Detroit, which saw a 17 percent increase in properties of $1 million or more.

For the full list, click the link below.

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