Real Estate Market 2023: 10 Cities With the Most Luxury Homes for Sale
While living in a $1 million home is just a dream for many of us, for others, it’s a realistic goal or current reality. A recent GOBankingRates survey found that among current U.S. homeowners, 6% spent over $1 million on their home and among all Americans, 8% plan to spend over $1 million on their next home purchase.
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If you’re in the market for a $1 million-plus home, you’ll have more options in some cities than others. Point2 analyzed the shares of $1 million and over homes for sale in major cities across the U.S., and found that these 10 cities had the highest share of luxury homes on the market.
1. Los Angeles
Median home price: $926,000
Percentage of listings above $1 million: 63.6%
Percentage of listings above $5 million: 11.6%
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2. San Francisco
Median home price: $1.3 million
Percentage of listings above $1 million: 62.1%
Percentage of listings above $5 million: 7.2%
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3. San Jose, California
Median home price: $1.24 million
Percentage of listings above $1 million: 60.6%
Percentage of listings above $5 million: 1.1%
4. San Diego
Median home price: $910,000
Percentage of listings above $1 million: 58.6%
Percentage of listings above $5 million: 7.6%
5. Boston
Median home price: $799,000
Percentage of listings above $1 million: 53.1%
Percentage of listings above $5 million: 9.4%
6. New York
Median home price: $740,000
Percentage of listings above $1 million: 40.9%
Percentage of listings above $5 million: 7.4%
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7. Seattle
Median home price: $830,000
Percentage of listings above $1 million: 34.3%
Percentage of listings above $5 million: 2.0%
8. Denver
Median home price: $576,000
Percentage of listings above $1 million: 27.3%
Percentage of listings above $5 million: 0.7%
9. Washington, D.C.
Median home price: $926,000
Percentage of listings above $1 million: 26.0%
Percentage of listings above $5 million: 11.6%
10. Austin, Texas
Median home price: $550,000
Percentage of listings above $1 million: 24.7%
Percentage of listings above $5 million: 1.5%
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Data is sourced from Point2 and is accurate as of July 5, 2023.
Survey methodology: GOBankingRates surveyed 1,004 Americans ages 18 and older from across the country between May 26 and June 5, 2023, asking 19 different questions: (1) When do you expect to buy your next house?; (2) How much do you plan to spend on your next house?; (3) How much did you spend on your current house?; (4) How much (as a percentage of the home cost) did you put as a down payment?; (5) How much is your monthly mortgage payment?; (6) What is the most you are willing to spend on a monthly mortgage payment in your current financial situation?; (7) How long did it take to save for your down payment?; (8) When you bought your house, did you pay more than you originally planned/budgeted for?; (9) How much do you spend on yearly maintenance for your house?; (10) When buying your current house, which costs were more expensive than you expected? (Select all that apply.); (11) How much do you have saved in an emergency fund for house repairs/maintenance?; (12) What is holding you back from buying a house? (Select all that apply.); (13) How much did you spend on home renovations in the last year?; (14) Do you expect a housing market crash to happen in the next two years?; (15) Do you think that homebuying will become easier or harder over the next 10 years?; (16) Are you currently using real estate/buying properties as a way to build wealth?; (17) How much did you spend on your vacation home?; (18) Where would you most want a vacation home?; and (19) Which of these fast-growing big cities would you consider relocating to? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
This article originally appeared on GOBankingRates.com: Real Estate Market 2023: 10 Cities With the Most Luxury Homes for Sale