Take a look at the 10th most expensive home sold in each city, year to date.
I'm using the 10th most expensive home because there are extreme examples at the very top which distort the overall picture, even in the luxury market. This view doesn't consider the best of the best of the best (absolute most expensive), but it does a great job of showing which cities have a deeper luxury market.
There aren't many surprises at the high-end of the scale, although I would have expected Carefree to be higher on the list. Fountain Hills, Phoenix, Scottsdale, and Paradise Valley appear to lead the way in luxury.
HOWEVER - take that with a grain of salt. In order to fully understand the luxuriousness of a city, let's also consider its overall size/market.
- Fountain Hills has had 14 homes sell for < $250,000 so far this year. So while 10 homes in the $1.7+ million range is a lot of luxury, the city also has a less expensive side.
- Scottsdale has only had 7 sub-$250k sales. Higher on the high end, and less on the low end, than Fountain Hills.
- Paradise Valley hasn't had any small-priced sales. This is a true luxury market city.
- And Phoenix? Well, Phoenix is a very large market. Yes, the 10th most expensive home sold for $2.6 million, but there have also been 4,865 homes sold for < $250,000! Phoenix has some luxury neighborhoods, but I wouldn't call Phoenix a luxury city.
- Chris Butterworth
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* All chart data represents single-family detached homes only. Information is believed accurate but not guaranteed.