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Inman | Lillian Dickerson
The luxury market drove the pandemic’s heat wave of home price growth, as homebuyers sought out larger luxury properties in which they could shelter-in-place while taking advantage of historically low mortgage rates.
As a result, the median home prices in the general market have risen by about 35 percent in the last four years, as luxury home prices have increased by nearly 50 percent during that period, Realtor.com reported.
The real estate portal and data company identified 10 markets across the U.S. where luxury home prices rose the least since the start of the pandemic and, therefore, are where luxury bargains can be found today. Luxury home prices were classified as the most expensive 5 percent of all listings in a market, and comparisons were made between luxury prices in April 2020 and April 2024.
“In a place like Seattle, luxury prices, especially — but home prices overall — kind of settled down during the pandemic because people were moving out of these large coastal cities,” Jones said. “So it makes sense that they didn’t see that same pandemic price hike.”
Read the full article: Want a life of luxury? The 10 cities where it is a relative bargain
