According to Zillow data, the typical luxury home is worth $1.8 million nationwide. These same homes are worth even more money in the nation’s largest metros. Luxury homes in 15 real estate markets identified by Zillow are valued at anywhere from $2 million to nearly $6 million.
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Which luxury markets are they talking about? See the 15 cities where luxury homes are valued at $2 million or more, ranked from most to least expensive homes.
1. San Jose, California
- Typical luxury home value: $5,923,483
- Luxury home value change (YoY): 4.2%
- Share of luxury listings with a price cut: 15.9%
- Luxury homes, median days to pending: 10
- Luxury homes, inventory change (YoY): 23.8%
- Luxury homes, new listings change (YoY): 11.1%
- Luxury homes, newly pending listings change (YoY): 35.5%
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2. Los Angeles
- Typical luxury home value: $5,127,335
- Luxury home value change (YoY): 1.3%
- Share of luxury listings with a price cut: 18.4%
- Luxury homes, median days to pending: 29
- Luxury homes, inventory change (YoY): 30.8%
- Luxury homes, new listings change (YoY): 14.2%
- Luxury homes, newly pending listings change (YoY): -13.8%
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3. San Francisco
- Typical luxury home value: $4,833,421
- Luxury home value change (YoY): 2%
- Share of luxury listings with a price cut: 17.4%
- Luxury homes, median days to pending: 13
- Luxury homes, inventory change (YoY): 5%
- Luxury homes, new listings change (YoY): 0.7%
- Luxury homes, newly pending listings change (YoY): -4.4%
4. Miami
- Typical luxury home value: $4,552,407
- Luxury home value change (YoY): -0.5%
- Share of luxury listings with a price cut: 17.5%
- Luxury homes, median days to pending: 82
- Luxury homes, inventory change (YoY): -0.6%
- Luxury homes, new listings change (YoY): -11.9%
- Luxury homes, newly pending listings change (YoY): -29%
5. San Diego
- Typical luxury home value: $4,160,165
- Luxury home value change (YoY): 0.7%
- Share of luxury listings with a price cut: 21.6%
- Luxury homes, median days to pending: 18
- Luxury homes, inventory change (YoY): 20%
- Luxury homes, new listings change (YoY): 13%
- Luxury homes, newly pending listings change (YoY): -12.1%
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6. New York City
- Typical luxury home value: $3,976,247
- Luxury home value change (YoY): 4.7%
- Share of luxury listings with a price cut: 11.7%
- Luxury homes, median days to pending: 37
- Luxury homes, inventory change (YoY): -14.3%
- Luxury homes, new listings change (YoY): -15.2%
- Luxury homes, newly pending listings change (YoY): -18.3%
7. Seattle
- Typical luxury home value: $3,249,761
- Luxury home value change (YoY): 4.3%
- Share of luxury listings with a price cut: 19.6%
- Luxury homes, median days to pending: 11
- Luxury homes, inventory change (YoY): 16.6%
- Luxury homes, new listings change (YoY): 5.4%
- Luxury homes, newly pending listings change (YoY): -25.2%
8. Boston
- Typical luxury home value: $3,033,002
- Luxury home value change (YoY): 5.1%
- Share of luxury listings with a price cut: 17.1%
- Luxury homes, median days to pending: 12
- Luxury homes, inventory change (YoY): 3.9%
- Luxury homes, new listings change (YoY): 12.6%
- Luxury homes, newly pending listings change (YoY): -9.4%
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9. Austin, Texas
- Typical luxury home value: $2,469,719
- Luxury home value change (YoY): -2.1%
- Share of luxury listings with a price cut: 22.2%
- Luxury homes, median days to pending: 43
- Luxury homes, inventory change (YoY): -7.2%
- Luxury homes, new listings change (YoY): -8.5%
- Luxury homes, newly pending listings change (YoY): -22.9%
10. Nashville, Tennessee
- Typical luxury home value: $2,397,091
- Luxury home value change (YoY): 4.9%
- Share of luxury listings with a price cut: 24.9%
- Luxury homes, median days to pending: 24
- Luxury homes, inventory change (YoY): -10.9%
- Luxury homes, new listings change (YoY): -16.7%
- Luxury homes, newly pending listings change (YoY): -36.6%
11. Phoenix
- Typical luxury home value: $2,282,646
- Luxury home value change (YoY): 3.7%
- Share of luxury listings with a price cut: 33.6%
- Luxury homes, median days to pending: 33
- Luxury homes, inventory change (YoY): 7.7%
- Luxury homes, new listings change (YoY): -9.9%
- Luxury homes, newly pending listings change (YoY): -20.8%
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12. Washington, D.C.
- Typical luxury home value: $2,271,449
- Luxury home value change (YoY): 3.8%
- Share of luxury listings with a price cut: 24.2%
- Luxury homes, median days to pending: 9
- Luxury homes, inventory change (YoY): 9.8%
- Luxury homes, new listings change (YoY): 3.7%
- Luxury homes, newly pending listings change (YoY): -21.4%
13. Denver
- Typical luxury home value: $2,240,439
- Luxury home value change (YoY): 0.7%
- Share of luxury listings with a price cut: 25.7%
- Luxury homes, median days to pending: 14
- Luxury homes, inventory change (YoY): 12.2%
- Luxury homes, new listings change (YoY): 6.9%
- Luxury homes, newly pending listings change (YoY): -11%
14. Sacramento, California
- Typical luxury home value: $2,169,309
- Luxury home value change (YoY): 1.5%
- Share of luxury listings with a price cut: 20.6%
- Luxury homes, median days to pending: 10
- Luxury homes, inventory change (YoY): 3.1%
- Luxury homes, new listings change (YoY): 5.8%
- Luxury homes, newly pending listings change (YoY): -17.4%
15. Providence, Rhode Island
- Typical luxury home value: $2,095,252
- Luxury home value change (YoY): 4.6%
- Share of luxury listings with a price cut: 11.7%
- Luxury homes, median days to pending: 13
- Luxury homes, inventory change (YoY): 35.1%
- Luxury homes, new listings change (YoY): 66.7%
- Luxury homes, newly pending listings change (YoY): 9.8%
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This article originally appeared on GOBankingRates.com: 15 US Cities Where Luxury Homes Are Valued at $2 Million or More
