The high-end luxury real estate market is big business in many cities across the U.S. While most areas across America have what locals would consider to be expensive properties based on their local market, the luxury property sector around the world tends to be identified based on the city in which it is located. Therefore, international cities such as London, Paris, Hong Kong and Dubai are easily identified with top-tier luxury properties. So even if investing in luxury real estate is currently out of your grasp, it might be interesting to know which U.S. cities are identified as the top luxury real estate markets in the United States according to American Housing Survey Data provided by the United States Census Bureau.
Here are five U.S. cities that are home to some of the most expensive luxury real estate property markets in America.
New York is the city where you will find the largest amount of most expensive luxury real estate properties in the U.S. This is hardly surprising considering the fact that it is home to most expensive home ever sold in America. In January 2019, new surfaced that a luxury New York penthouse at 220 Central Park South was reportedly sold for $238 million to billionaire Ken Griffin. With a median sq. ft. cost of $1,150, NYC is home to the highest property prices that you will find anywhere in the country. In fact, the Manhattan luxury real estate market is where you will find a selection of some of the most expensive properties anywhere in the world.
The City of Angels undoubtedly has some of the most prestigious and exclusive luxury properties in America with a median sq. ft. cost of $1,250. Its renowned luxury real estate market has global recognition with Los Angeles being a preeminent luxury market for both domestic and international buyers. Property sales such as the $70 million sale of 1181 North Hillcrest Road in Beverly Hills to Swedish video game programmer Markus Persson in 2014, spurred a massive wave of ultra-luxury spec home building that some are now calling a Megamansion luxury home bubble in the area.
San Francisco and the Bay Area, is one of several Californian cities which dominated the luxury real estate market in America in recent years. Home to Silicon Valley, the luxury real estate market in San Francisco comes in at a median sq. ft. cost of $1,150 according to the latest U.S. Census Bureau data.
There is a large collection of luxury real estate to be found in Miami. This is especially the case in areas like Miami Beach where a high median sq. ft. cost of $1,369 draws luxury buyers from around the world to luxury branded condo developments such as Missoni Baia Miami. The recent $50 million sale of the 3 Indian Creek Island property solidified Miami as a global hub for luxury real estate.
Washington, DC tops our list of the most expensive luxury real estate property pricing in America with a median sq. ft. cost of $1,600 according to data provided by the United States Census Bureau. However, the DC region is ranked #3 in the country, according to WikiLawn’s original study. With luxury real estate pricing in the DC region such as Amazon’s Jeff Bezos’ $23 million 27,000 sq. ft. home purchase being the most expensive property in Washington D.C. when he bought it in 2016 to a $62.95 million 48,000 sq. ft. home originally offered for sale in 2018 in the D.C. suburb of McLean, Virginia, its evident that markets in New York and Los Angeles continue to attain higher price points.