Luxury Real Estate Market Update: Which Areas Are Seeing a Boom in 7 Figure Listings?
As a recent Realtor.com report indicates, home prices around much of the country continue to increase and “in large swaths of the country, a cool million has mostly come to represent the new standard for good, upper-middle-class housing.” A study focusing on the growth of these luxurious price tags outlines 10 key cities, placing Denver, Colorado; Santa Rosa, California; and Boulder, Colorado in the top 3 positions. So where does Seattle land?
In the eighth position, Seattle has seen a 2.4% growth in million dollar homes “as Seattle’s population of the ‘tech wealthy’ and ‘global affluent’” continues to rise. The result? “Good deals are snapped up fast, virtually citywide.” Neighborhoods that were previously less affluent, such as Ballard and Delridge, are seeing competition among buyers and the city skyline is peppered with cranes as room is made for new development projects. And there is plenty of demand for these new residences, as “newly constructed luxury condos and renovated century-old homes are proving extremely popular, thanks to their proximity to downtown and high-tech employers.”