The luxury home market typically grows at a slower pace than the overall housing market, as there are fewer buyers who can afford to purchase a home priced in the top 5% of homes in a given region. However, luxury home prices are now rising at a faster rate than the market as a whole, according to a new Zillow report.
Luxury home values across the U.S. are now 3.9% higher than a year ago, while the typical U.S. home value has increased by 3.2%. And luxury home values are rising at rates even higher than the national average in several major markets across the country.
Here’s a look at the cities where luxury home values are soaring.
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Richmond, Virginia
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Typical luxury home value: $1,152,228
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Luxury home value change year over year: 16.5%
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Hartford, Connecticut
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Typical luxury home value: $1,004,138
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Luxury home value change year over year: 8.6%
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Charlotte, North Carolina
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Typical luxury home value: $1,607,506
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Luxury home value change year over year: 7.9%
Providence, Rhode Island
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Typical luxury home value: $1,861,985
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Luxury home value change year over year: 7.8%
Las Vegas
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Typical luxury home value: $1,587,199
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Luxury home value change year over year: 7.5%
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Phoenix
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Typical luxury home value: $2,037,033
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Luxury home value change year over year: 7.1%
Cleveland
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Typical luxury home value: $810,190
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Luxury home value change year over year: 7.1%
Raleigh, North Carolina
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Typical luxury home value: $1,489,123
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Luxury home value change year over year: 6.9%
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San Jose, California
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Typical luxury home value: $5,330,815
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Luxury home value change year over year: 6.4%
San Diego
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Typical luxury home value: $3,799,265
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Luxury home value change year over year: 5.9%
Boston
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Typical luxury home value: $2,698,471
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Luxury home value change year over year: 5.8%
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Chicago
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Typical luxury home value: $1,343,781
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Luxury home value change year over year: 5.6%
Virginia Beach, Virginia
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Typical luxury home value: $1,227,058
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Luxury home value change year over year: 5.6%
Milwaukee
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Typical luxury home value: $1,234,835
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Luxury home value change year over year: 5.5%
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Dallas
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Typical luxury home value: $1,635,382
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Luxury home value change year over year: 5.3%
Cincinnati
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Typical luxury home value: $949,801
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Luxury home value change year over year: 5.3%
Pittsburgh
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Typical luxury home value: $839,418
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Luxury home value change year over year: 5.2%
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Atlanta
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Typical luxury home value: $1,457,787
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Luxury home value change year over year: 5%
Buffalo, New York
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Typical luxury home value: $748,623
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Luxury home value change year over year: 4.9%
Houston
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Typical luxury home value: $1,415,411
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Luxury home value change year over year: 4.8%
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St. Louis
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Typical luxury home value: $1,002,017
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Luxury home value change year over year: 4.8%
Orlando, Florida
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Typical luxury home value: $1,425,759
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Luxury home value change year over year: 4.7%
Philadelphia
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Typical luxury home value: $1,269,418
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Luxury home value change year over year: 4.6%
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Riverside, California
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Typical luxury home value: $1,692,781
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Luxury home value change year over year: 4.6%
Baltimore
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Typical luxury home value: $1,329,549
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Luxury home value change year over year: 4.6%
Seattle
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Typical luxury home value: $2,927,108
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Luxury home value change year over year: 4.5%
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Kansas City, Missouri
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Typical luxury home value: $1,041,851
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Luxury home value change year over year: 4.4%
Columbus, Ohio
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Typical luxury home value: $1,014,617
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Luxury home value change year over year: 4.4%
Jacksonville, Florida
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Typical luxury home value: $1,646,706
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Luxury home value change year over year: 4.3%
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Salt Lake City
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Typical luxury home value: $1,600,130
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Luxury home value change year over year: 4%
Birmingham, Alabama
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Typical luxury home value: $1,124,634
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Luxury home value change year over year: 4%
Data is sourced from Zillow and is accurate as of July 31, 2024.
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This article originally appeared on GOBankingRates.com: 31 Cities Where Luxury Home Values Are Soaring
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