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Have your eye on a luxury home?
Realtor.com published a report of10 cities with skyrocketing luxury home pricesin May 2024.
What Is a Luxury Home?
However, one persons definition of luxury doesnt necessarily apply to everyone.
So, how do professionals define a luxury home?
Luxury real estateisnt just about listing price.
Why Are Luxury Homes Getting More Expensive?
Luxury home prices hit anall-time high in January 2024.
It may also be because wealthier homebuyers arent as affected by rising mortgage rates.
Some of these locations may surprise you luxury prices dont necessarily reflect standard prices in that area.
West Palm Beach, Florida
West Palm Beach is a city near the coast of Southern Florida.
Popular amongretirees and vacationers, this city offers bustling shopping centers, high-end restaurants and plenty of local wildlife.
It also offers a relatively low cost of living.
This city has a limited job market but a tight-knit community of locals, many of whom are retired.
Reno, Nevada
Reno is a vibrant city nestled in western Nevada.
In East Hampton, demand for vacation homes has driven luxury prices to nearly double in thelast four years.
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