$1 Million Won’t Buy A Luxury Home In Miami
Luxury homes in America can no longer be purchased for $1 million. According to Realtor.com, the figure has risen to $1.3 million. Luxury homes are defined as those among the 5% to 10% most expensive homes nationwide and in each market.Â
Realtor.com’s data is from August. The future was $797,000 in 2016. “While a million-dollar home still represents an important benchmark, it’s not the luxury marker that it once was nationwide and in many markets,” said Danielle Hale, chief economist at Realtor.com
Miami ranks third on the Realtor.com list. The top 10% of homes are priced above $2.1 million. That is five times higher than the median price of a home for sale in the metro. The cities with the most expensive homes are primarily located on the two coasts, including New York, San Francisco, Los Angeles, San Diego, Boston, and Seattle.
Florida Has Three Cities
Among very small metros, Key West ranks third at $4.5 million. The unfortunate fact about Key West is that the highest point in the city is only 18 feet above sea level. In a huge hurricane at high tide with a strong storm surge, a large number of homes could be destroyed or swept out to sea.
Among Florida cities, Naples is also on the list. The media price of a luxury home is $3.4 million.
The luxury home markets have Florida bracketed on the south, east, and west of the state.
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