Million-dollar homes will always be considered luxury, but skyrocketing prices have started to change the traditional image of a luxury home. In the U.S.’ most expensive markets, spending over $1 million on a home is the norm.
- Super-luxury homes are valued at $5 million and above, and are rapidly growing in market share
- There were more than 7,000 super-luxury homes on the market in 2017
- San Francisco, Long Island, and Washington D.C. have the largest shares of super-luxury homes
- In San Francisco, about 66% of all homes are valued at $1 million and above
While owning a house valued at $1 million or more still means you’re well-to-do, the definition of the luxury home market has been creeping upward along with home prices.
These days, properties priced at $5 million and above are considered luxury homes in the most expensive housing markets in the country. Trulia’s research found that 4.3 percent of homes in the country’s 100 largest metro areas are valued at $1 million and up.
Among homes listed for sale in 2017, Trulia found that more than 7,000 (0.28 percent) were listed for $5 million and up. In San Francisco, 3 percent of all listings were for $5 million or more, the largest share in the country. Long Island, where the Hamptons resort community is, had the second-highest share at 2.2 percent.
Houses listed at $5 million and above offer a variety of amenities, including a lot of square footage. In Dallas, the median square footage of a super-luxury house is 10,801, which is 4.5 times larger than the median 2,349 square feet for other homes listed in the area.
View the original article at The Washington Post