Average Cost to Attain a Luxury Home in 6 different Cities
Exploring Redfin’s overview of real estate trends for 6 different “luxury” zip codes across the US
ESTATENVY researched one of the top ‘luxury” zip codes in each market listed below. As luxury is different to each person, with realtors agreeing on around $1 million as the threshold, give or take, we looked up 5 bedroom houses in each market using a zip code and didn’t specify a price range. Once we performed that search, Redfin gave us an overview of real estate trends for the neighborhood. What could affect the trend is that more than single-family homes were included. However, this didn’t throw off New York so much, where most homes are by default not always single-family homes and still in the “luxury price range.” Which begs the question, is luxury about price, or is it about location? It’s a combination of things, and you can decide for yourself. The following is how much “luxury” you can get in each of these markets:
New York City - zip code 10065 on the Upper East Side; median list price $1.97M; Average Sale/List: 100%; Median List$Sq ft: 1666; median sale price: $520K
Chicago - zip code 60614 in Lincoln Park: median list price $749K; Average Sale/List: 97.9%; Median List$Sq ft: 369; median sale price: $550K
Miami - zip code 33156 in Coral Gables: median list price $1.43M; Average Sale/List: 95%; Median List$Sq ft: 328; median sale price: $305K
San Francisco - zip code 94123 median list price $3.2M; Average Sale/List: 106.1%; Median List$Sq ft: 1164; median sale price: $2.52M
Phoenix - 85016 in Scottsdale median list price $450K; Average Sale/List: 97.6%; Median List$Sq ft: 237; median sale price: $287
Atlanta - zip code 30626; median list price $844K; Average Sale/List: 97.2; Median List$Sq ft: 297; median sale price: 329K
As one can probably tell, each of these markets is quite different when it comes to the average price and median price. One can see that list price is not far off of selling price in almost every single market, which one could take away to mean that, overall, the residential real estate market is pretty tight right now. Luxury may mean different things to different people, but there’s a lot of beautiful homes out there waiting to be explored in different areas...for a price!
