Realtor.com recently looked at the top 10 entry-level luxury markets by county and home price increases. The results are surprising.
Here’s the list by county including the county seat: Sarasota, Florida (North Port); Queens, New York (Queens); Collier, Florida (East Naples); Douglas, Colorado (Castle Rock); San Mateo, California (Redwood City); King County, Washington (Seattle); Marin County, California (San Rafael); Snohomish, Washington (Everett); Hudson, New Jersey (Jersey City); and Santa Clara, California (San Jose).
As home prices continue to increase, the definition of luxury takes on a new meaning across the country. Realtor.com measured these markets as “89 primary and secondary luxury counties, looking at yearly movement in the entry-level luxury price boundary, defined as the top 5% of all residential home sales in a given market per the Realtor.com sales database with full data up until March 2018.” Not included in the number crunching were: Honolulu, Hawaii; Fairfield, Connecticut; Nassau, New York; Washoe, Nevada; St. Louis, Missouri; and Dallas, Texas.
Here’s how Javier Vivas, Realtor.com’s director of economic research, explains the numbers and markets: “We looked at the top of each market from a local perspective. In Sarasota County, recent federal tax reform seems to be a driver in that market.” Florida, with no state income tax, is appealing to retirees in cutting down their potential overall tax bill.
According to Realtor.com, Sarasota County…