The luxury real estate market had a bumpy 2019, but ended in a steady rise in luxury home prices.
In the first quarter of 2019, luxury home prices declined for the first time in almost three years, and sales saw their largest decline since 2010 as supply increased by double digits.
Luxury home prices later increased 0.3% year over year, marking the first time in nearly a year that luxury prices did not fall.
Now, there are 218 cities with a typical home value of at least $1 million, three more cities than there was in December 2018, according to a new report from Zillow.
In its report, Zillow said that an average of just under 20 cities a year broke the $1 million threshold from 2014-2018, including a high of 25 in 2017 when home value growth was approaching 7% per year.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.