As reported in our 2020 year-end report, the term “Luxury” was reclassified. Historically, one gauge used nationwide to define “Luxury” has been “the top 10% of a given market.” When we started the Luxury Report in 2012, the top 10% hovered around $2 million. By 2016, the top 10% averaged around $3.5 million.
In 2020, however, the number of Luxury-defined $3+ million sales skyrocketed 132% to 257 sales. This surge drove the definition of “Luxury” in our market up 63% from 2019 to a baseline of $6.5 million. If we had focused solely on the top 10% of our market to define a Luxury Home in 2020, we would have only included sales above $8.45 million.
Currently, of the 76 overall active, single-family home listings only twenty are listed for under $3 million. If we look at the top 10% of what’s available now, the listings sit at $13.9 million and above. With the bar raised so dramatically in 2020, this report will only focus on sales above $5 million going forward.
