While owning a house valued at $1 million or more still means you’re well-to-do, the definition of the luxury home market has been creeping upward along with home prices.
In pricey housing markets such as San Francisco, 66 percent of all homes are valued at $1 million and above, a number that grew by three times since just 2012. Nearby Oakland is similar, with 24 percent of the homes valued at $1 million and above, a jump of five times the percentage in 2012, according to Trulia.
These days, properties priced at $5 million and above are considered luxury homes in the most expensive housing markets in the country. Trulia’s research found that 4.3 percent of homes in the country’s 100 largest metro areas are valued at $1 million and up.
Among homes listed for sale in 2017, Trulia found that more than 7,000 (0.28 percent) were listed for $5 million and up. In San Francisco, 3 percent of all listings were for $5 million or more, the largest share in the country. Long Island, where the Hamptons resort community is, had the second-highest share at 2.2 percent.
Houses listed at $5 million and above offer a variety of amenities, including a lot of square footage. In Dallas, the median square footage of a super-luxury house is 10,801, which is 4.5 times larger than the median 2,349 square feet for other homes listed in the area.
In New York City and San Francisco, super-luxury listings are typically penthouse condos that advertise great skyline and water views. For California coastline and Long Island properties, the views are important, too, but so is the acreage that comes with the property and the presence of a swimming pool and tennis courts.
In January, there were 25 houses and condos priced at $5 million and above in the District, according to Realtor.com, which is 1.6 percent of the total of 1,526 listings.
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