By AZ Business Magazine | AZ Big Media
Arizona’s luxury real estate market is shaping up to be a record year, particularly after a home in Silverleaf in Scottsdale sold for $24.1 million in September, setting a record as the highest-priced home sale in the state’s history. So where does Phoenix ranks among luxury real estate markets in the U.S.?
Following a difficult Spring season, the housing market has finally bounced back, thanks to feverish activity throughout the Summer and the Fall seasons. Prices have not only held up, but have also continued to grow, with the median listing price in the U.S. at $350,000, up 12.2% year-over-year in October, according to a report by Realtor.com. The luxury real estate market has also had a good year, as wealthy consumers have been less affected by the pandemic. In fact, many wealthy buyers have fled to suburbia in efforts to escape strict urban lockdowns, which has resulted in many reports of bidding wars over suburban luxury property.
This suburban exodus has certainly left a few cities scrambling, with the nation’s top luxury markets – New York and San Francisco – experiencing a difficult year, made evident by sluggish sales and discounted prices on the high-end of the market.
