The most expensive luxury home markets in the country

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Following a difficult Spring season, the housing market has finally bounced back, thanks to feverish activity throughout the Summer and the Fall seasons. Prices have not only held up but have also continued to grow, with the median listing price in the US at $350,000, up 12.2% Y-o-Y in October, according to a report by Realtor.com.

The luxury real estate market has also had a good year, as wealthy consumers have been less affected by the pandemic. In fact, many wealthy buyers have fled to suburbia in efforts to escape strict urban lockdowns, which has resulted in many reports of bidding wars over suburban luxury property.

This suburban exodus has certainly left a few cities scrambling, with the nation’s top luxury markets – New York and San Francisco – experiencing a difficult year, made evident by sluggish sales and discounted prices on the high-end of the market.

But luxury markets, even in America’s most expensive cities, are not equal. There are stark differences that exist between San Francisco and New York alone, and those differences only continue to become even more pronounced when we compare them with other markets such as Houston or Memphis. What will buy you a luxury property in Memphis, TN, for instance, might not even be enough to buy you a proper one-bedroom in Manhattan.

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So we turned to Redfin and Zillow to assess what truly makes a luxury property in some of the largest cities in the U.S.

Image Credit: DepositPhotos.com.

Most Expensive Luxury Markets in the U.S.

We analyzed the top 10% of the listings (each with a price of at least $500,000, which is a widely-accepted definition for luxury property). Then, we ranked all the cities based on the highest threshold necessary for a home to be labeled locally as luxury property.

Some of the markets we analyzed, like Detroit and Baltimore, fell short of the description, with the 10% of their respective listings dropping well below the $500,000 mark, and they were thus excluded from our ranking.

Image Credit: DepositPhotos.com.

51. San Antonio

  • Starting Point for Luxury Property: $535,000
  • Median List Price: $260,000
  • Top Listing: $6,750,000

Image Credit: DepositPhotos.

50. Memphis, Tennessee

  • Starting Point for Luxury Property: $550,000
  • Median List Price: $165,000
  • Top Listing: $5,750,000

Image Credit: DepositPhotos.com.

49. Jacksonville, Florida

  • Starting Point for Luxury Property: $599,000
  • Median List Price: $240,000
  • Top Listing: $8,499,000

Image Credit: iStock/Allen Allnoch.

48. Indianapolis

  • Starting Point for Luxury Property: $599,000
  • Median List Price: $200,000
  • Top Listing: $4,500,000

Image Credit: DepositPhotos.com.

Tie- 46. Columbus, Ohio

  • Starting Point for Luxury Property: $619,900
  • Median List Price: $220,000
  • Top Listing: $2,365,000

Image Credit: DepositPhotos.com.

Tied-46. Louisville, Kentucky

  • Starting Point for Luxury Property: $629,000
  • Median List Price: $229,000
  • Top Listing: $3,999,000

Image Credit: iStock/alexeys.

Tied- 44. Oklahoma City

  • Starting Point for Luxury Property: $640,000
  • Median List Price: $248,000
  • Top Listing: $4,495,000

Image Credit: tobynabors / iStock.

Tied- 44. Omaha, Nebraska

  • Starting Point for Luxury Property: $650,000
  • Median List Price: $225,000
  • Top Listing: $5,750,000

Image Credit: Deposit Photos.

43. Madison, Wisconsin

  • Starting Point for Luxury Property: $670,000
  • Median List Price: $305,000
  • Top Listing: $3,599,000

Image Credit: DepositPhotos.com.

42. Saint Paul, Minnesota

  • Starting Point for Luxury Property: $675,000
  • Median List Price: $240,000
  • Top Listing: $2,375,000

Image Credit: Deposit Photos.

41. Pittsburgh

  • Starting Point for Luxury Property: $679,000
  • Median List Price: $230,000
  • Top Listing: $8,000,000

Image Credit: DepositPhotos.com.

40. Albuquerque, New Mexico

  • Starting Point for Luxury Property: $679,000
  • Median List Price: $270,000
  • Top Listing: $2,500,000

Image Credit: DepositPhotos.com.

Tied- 38. Lincoln, Nebraska

  • Starting Point for Luxury Property: $720,000
  • Median List Price: $250,000
  • Top Listing: $2,250,000

Image Credit: ChrisBoswell/iStock.

Tied- 38. Anchorage, Alaska

  • Starting Point for Luxury Property: $725,000
  • Median List Price: $345,000
  • Top Listing: $3,800,000

Image Credit: Chilkoot/iStock.

37. Virginia Beach, Virginia

  • Starting Point for Luxury Property: $740,000
  • Median List Price: $315,000
  • Top Listing: $11,800,000

Image Credit: Sherry Smith.

36. Kansas City, Missouri

  • Starting Point for Luxury Property: $749,000
  • Median List Price: $230,000
  • Top Listing: $5,495,000

Image Credit: iStock/Sean Pavone.

35. Philadelphia

  • Starting Point for Luxury Property: $765,000
  • Median List Price: $285,000
  • Top Listing: $25,000,000

Image Credit: iStock/vichie81.

Tied – 33. Providence, Rhode Island

  • Starting Point for Luxury Property: $795,000
  • Median List Price: $300,000
  • Top Listing: $2,100,000

Image Credit: iStock/Sean Pavone.

Tied- 33. Minneapolis

  • Starting Point for Luxury Property: $795,000
  • Median List Price: $315,000
  • Top Listing: $6,900,000

Image Credit: DepositPhotos.com.

32. Little Rock, Arkansas

  • Starting Point for Luxury Property: $820,000
  • Median List Price: $238,000
  • Top Listing: $3,950,000

Image Credit: Deposit Photos.

31. Las Vegas

  • Starting Point for Luxury Property: $850,000
  • Median List Price: $328,000
  • Top Listing: $32,890,000

Image Credit: DepositPhotos.com.

30. Cincinnati

  • Starting Point for Luxury Property: $895,000
  • Median List Price: $215,000
  • Top Listing: $4,900,000

Image Credit: NatChittamai.

29. New Orleans

  • Starting Point for Luxury Property: $970,000
  • Median List Price: $365,000
  • Top Listing: $6,600,000

Image Credit: DepositPhotos.com.

28. Chicago

  • Starting Point for Luxury Property: $1,050,000
  • Median List Price: $359,000
  • Top Listing: $45,000,000

Image Credit: DepositPhotos.com.

27. Jersey City, New Jersey

  • Starting Point for Luxury Property: $1,059,000
  • Median List Price: $639,000
  • Top Listing: $4,800,000

Image Credit: Ultima_Gaina / iStock.

26. Charlotte, North Carolina

  • Starting Point for Luxury Property: $1,100,000
  • Median List Price: $350,000
  • Top Listing: $7,000,000

Image Credit: Kruck20 / iStock.

25. Sacramento, California

  • Starting Point for Luxury Property: $1,175,000
  • Median List Price: $400,000
  • Top Listing: $4,950,000

Image Credit: DepositPhotos.com.

Tied- 21. Queens, New York

  • Starting Point for Luxury Property: $1,200,000
  • Median List Price: $690,000
  • Top Listing: $10,000,000

Image Credit: .

Tied- 21. Tampa, Florida

Image Credit: Gabriele Maltinti / iStock.

Tied- 21. Portland, Oregon

Image Credit: DepositPhotos.com.

Tied- 21. Houston

  • Starting Point for Luxury Property: $1,200,000
  • Median List Price: $334,000
  • Top Listing: $29,999,000

Image Credit: Deposit Photos.

20. Raleigh, North Carolina

  • Starting Point for Luxury Property: $1,250,000
  • Median List Price: $379,000
  • Top Listing: $5,500,000

Image Credit: DepositPhotos.com.

Tied- 17. Atlanta

  • Starting Point for Luxury Property: $1,275,000
  • Median List Price: $390,000
  • Top Listing: $13,950,000

Image Credit: Deposit Photos.

Tied- 17. Nashville

  • Starting Point for Luxury Property: $1,275,000
  • Median List Price: $385,000
  • Top Listing: $14,925,000

Image Credit: iStock/Vito Palmisano.

Tied- 17. Phoenix

  • Starting Point for Luxury Property: $1,275,000
  • Median List Price: $350,000
  • Top Listing: $20,000,000

Image Credit: DepositPhotos.com.

Tied- 15. Salt Lake City

  • Starting Point for Luxury Property: $1,399,000
  • Median List Price: $475,000
  • Top Listing: $14,500,000

Image Credit: DepositPhotos.com.

Tied- 15. Denver

  • Starting Point for Luxury Property: $1,399,000
  • Median List Price: $520,000
  • Top Listing: $18,000,000

Image Credit: DepositPhotos.com.

14. Austin, Texas

  • Starting Point for Luxury Property: $1,750,000
  • Median List Price: $498,000
  • Top Listing: $12,999,000

Image Credit: DepositPhotos.com.

13. Seattle

  • Starting Point for Luxury Property: $1,775,000
  • Median List Price: $720,000
  • Top Listing: $14,895,000

Image Credit: aiisha5 / iStock.

12. Miami

  • Starting Point for Luxury Property: $1,800,000
  • Median List Price: $440,000
  • Top Listing: $29,500,000

Image Credit: espiegle/iStock.

Tied- 10. Charleston, South Carolina

  • Starting Point for Luxury Property: $1,850,000
  • Median List Price: $441,000
  • Top Listing: $9,500,000

Image Credit: DepositPhotos.com.

Tied- 10. Dallas

  • Starting Point for Luxury Property: $1,850,000
  • Median List Price: $425,000
  • Top Listing: $22,500,000

Image Credit: typhoonski.

9. Washington, D.C.

  • Starting Point for Luxury Property: $1,895,000
  • Median List Price: $640,000
  • Top Listing: $16,999,000

Image Credit: dkfielding.

8. San Jose, California

  • Starting Point for Luxury Property: $1,999,000
  • Median List Price: $999,000
  • Top Listing: $17,888,000

7.

Image Credit: Andrei Stanescu / iStock.

7. Brooklyn, New York

  • Starting Point for Luxury Property: $2,200,000
  • Median List Price: $900,000
  • Top Listing: $17,500,000

Image Credit: MayLindz.

6. Honolulu

  • Starting Point for Luxury Property: $2,450,000
  • Median List Price: $555,000
  • Top Listing: $25,000,000

Image Credit: DepositPhotos.com.

5. Boston

  • Starting Point for Luxury Property: $2,795,000
  • Median List Price: $799,000
  • Top Listing: $45,000,000

Image Credit: DepositPhotos.com.

4. San Francisco

  • Starting Point for Luxury Property: $3,150,000
  • Median List Price: $1,350,000
  • Top Listing: $25,800,000

Image Credit: DepositPhotos.com.

3. San Diego

  • Starting Point for Luxury Property: $3,200,000
  • Median List Price: $749,000
  • Top Listing: $26,900,000

Image Credit: iStock / Jerry Uomala.

2. Los Angeles

  • Starting Point for Luxury Property: $4,499,000
  • Median List Price: $975,000
  • Top Listing: $160,000,000

1.

Image Credit: DepositPhotos.com.

1. Manhattan, New York

  • Starting Point for Luxury Property: $6,495,000
  • Median List Price: $1,300,000
  • Top Listing: $90,000,000

Image Credit: muddymari.

Methodology

We analyzed the top 10% of the listings, priced at $500,000 and above, found on Zillow and Redfin (cross-checked between the two websites). The top 10% of the listings is a widely accepted definition for luxury real estate. The median list price was sourced from Redfin. The data for the most expensive listings was researched on December 15, 2020.

This article originally appeared on MyAffordableLuxury.com and was syndicated by MediaFeed.org.

Image Credit: Vrbo.

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