Credit: "The Report: State of Luxury 2019"
There's a cost for the finer things, and a definitive link between living luxe and personal wealth—but in the dominant luxury markets of today, there's more to it than the price tag. According to Coldwell Banker Real Estate's new report, "State of Luxury 2019," there's a crop of luxury markets in the U.S.—dubbed "Power Markets"—with characteristics that, combined, make them ideal to invest in. These include accessibility, business prospects, exclusivity and/or photo op-ready views.
In collaboration with The Institute for Luxury Home Marketing, which assessed for days on market, inventory, list prices, and more, Coldwell Banker identified the 10 luxury Power Markets of the past year. According to the report:
For Buyers (Single-Family)
- Maui, Hawaii
Avg. Inventory (Monthly): 185
Days on Market (Median): 206
Median Sale: $2.3 million
- Palm Beach, Fla.
Avg. Inventory (Monthly): 259
Days on Market (Median): 154
Median Sale: $3.65 million
- Washington, D.C.
Avg. Inventory (Monthly): 58
Days on Market (Median): 30
Median Sale: $2.51 million
- Kauai, Hawaii
Avg. Inventory (Monthly): 64
Days on Market (Median): 222
Median Sale: $3.5 million
- Brooklyn, N.Y.
Avg. Inventory (Monthly): 92
Days on Market (Median): 94
Median Sale: $1.92 million
For Sellers (Single-Family)
- Los Angeles Valley, Calif. (San Fernando Valley, San Gabriel Valley, Pasadena)
Avg. Inventory (Monthly): 495
Days on Market (Median): 45
Median Sale: $2.1 million
- Detroit, Mich.
Avg. Inventory (Monthly): 970
Days on Market (Median): 25
Median Sale: $510,000
- Las Vegas, Nev.
Avg. Inventory (Monthly): 1,364
Days on Market (Median): 36
Median Sale: $630,000
- Boulder, Colo.
Avg. Inventory (Monthly): 144
Days on Market (Median): 61
Median Sale: $1.75 million
- Raleigh, N.C.
Avg. Inventory (Monthly): 789
Days on Market (Median): 3
Median Sale: $723,000
For more from the report, including global insights, landmark listings and significant trends, please visit blog.coldwellbankerluxury.com.
