These Homes For Sale In The Hottest Real Estate Markets Could Break Records
Homes for sale in some of the country’s hottest real estate markets—including Boston’s Back Bay neighborhood, located at the heart of the country's most expensive zip code—stand to break state sales records if they sell for their tens-of-millions listing prices, including those for sale by venture capitalists, philanthropists and a famous interior designer.
KEY FACTS
The market for high-end housing is continuing to thrive, particularly in the United States and Canada, according to the May report of the Institute for Luxury Home Marketing.
The sales of luxury properties have grown month over month since the start of 2024, the report says, and homes are selling for an average of 99% of their list price, indicating a seller’s market.
The highest median sales prices for luxury homes so far this year have been in Manhattan; Vail, Colorado; Naples, Florida; and San Francisco, according to the Institute, with the highest sales ratios (places where sales exceed inventory) seen in Howard County, Maryland; Fairfax County, Virginia; and Arlington and Alexandria, Virginia.
Luxury home prices rose 9% year over year in the first quarter of 2024, according to RedFin, twice as fast as non-luxury prices, and sales of luxury homes were up 2%, compared to a 4% decline in non-luxury home sales over the same period.
A 40-acre property in the resort town of Highlands, North Carolina, would become the most expensive home ever sold in the state if it fetches anywhere near its $49.9 million price tag, the Wall Street Journal reported. Sagee Manor, initially built as the summer home of London-based lighting executive and venture capitalist Andrew Johnson, includes a 12,000-square-foot main house with four bedrooms, a wine cellar, garden-inspired sitting room and seven fireplaces, as well as a three-bedroom guest house with a movie theater. The grounds feature a pool, English gardens and outdoor amphitheater.