The luxury homes market has been in a steady decline over the last few years, but that is expected to continue in 2018.
It’s hard to predict how long this trend will last, but luxury home sales are down across the board, according to a new report from Sotheby’s International Realty.
The median sale price of luxury homes fell 5% in 2018, according the report.
The top 10 most expensive markets for luxury homes were in all but two of the 50 states, and the top 10 for luxury home buyers were in only five of the 25 states.
The Sothebys report found that in 2018 luxury home purchases fell in 11 states, including New York, California, New Jersey, New Mexico, Pennsylvania, Maryland, Delaware and Florida.
This year, the median sale prices of luxury home prices fell in only three of the states, while the median home purchase price fell in five of them.
In other words, a luxury condo could be considered the least expensive option when buying a condo, according an article in The New York Times.
But the SotheBYs report also found that the average price of a luxury house in a major metropolitan area fell 7% in the past year, and sales of luxury houses are up only in two states.
The average price per square foot of a condo rose 3.4% in 2017, but this year it fell 7.6%.
And in six of the 10 states that experienced the largest increases in condo sales, condo sales were down 5%.
“It seems like luxury homes are becoming more attractive to buyers.
This may be because they are less expensive and more accessible,” said Daniel Kline, SotheBy’s vice president of global real estate, in a statement.
“The luxury home market is starting to rebound.
But it will take a few more years to see this happen.”
For more information on luxury home buying, click here.
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