Whether you are actually thinking of investing in luxury property, or you want a dream for the future, there are some US cities where you are more likely to find luxury homes for sale. These are the cities with exclusive areas where million dollar properties are the norm.
This is not to say that every piece of real estate in these cities is luxury but they are many high-end properties available. Let’s take a look at the cost of real estate in some of these cities.
This may not be entirely surprising, but the most expensive neighborhood for real estate per square foot, in the US, is Manhattan. The average cost of real estate in the area is around $1,700 per square foot. This is way above other parts of the country such as San Francisco where the average is just over $900, Boston where the average is around $580 and Washington DC and Miami Beach where the average cost is just over $500 per square foot.
This information may explain why New York has the highest amount of expensive properties on the market even though the square footage in the city is relatively low at a median of 1,150 square feet. Interestingly, when it comes to luxury properties, California tends to dominate, after New York which tops the list. Here are the top cities in the US for luxury real estate.
New York consists of five boroughs. However, it’s the high cost of real estate in Manhattan that gives the city top place in the list when it comes to the most expensive luxury real estate in the US. Areas like Soho are hugely expensive when it comes to finding a property to invest in. The average million plus listing for a property in the city in 2017 was $3.1 million.
In 2017, the average million plus listing price for a property in San Francisco was $2 million. There were more than 100, million dollar plus homes for sale in the city that year in some of the most exclusive areas for real estate in the country.
The second Californian city to be near the top of the ratings, when it comes to the amount of luxury real estate available, is San Diego. The average price for a million dollar plus listing in this city is approaching the $2 million mark.
Continuing the Californian domination in the million dollar home market in San Jose. Here, the average is a million dollars plus listing price for a property is around $1.5 million. While San Jose has a significant number of properties available in the million-dollar-plus market there are fewer properties available at the higher end; $5m plus.
The rest of the market
It’s interesting to look at the situation in the other cities where the per square foot cost of real estate is at its highest.
- Washington DC is consistently one of the most expensive places to live in the US when it comes to buying a property. This is not unexpected given that this is the nation’s capital.
- Boston has an average million plus listing price of over $2 million when it comes to the cost of real estate. It continues to experience substantial growth in the luxury real estate market.
- Miami Beach contributes to the high availability of luxury real estate in the city of Miami. In 2017, more than 1,200 properties in the million-dollar-plus bracket were placed on the market.
If you are looking to invest in high-end real estate, or you just want to have a dream, it’s useful to see which cities you should be concentrating on.