With median home prices surpassing $1 million in certain parts of the country, the definition of luxury varies when analyzing different-sized housing markets. As a result, the sum can either secure a dream house or simply describe the average home on the market. So, which Arizona cities have the highest shares $1 million homes for sale?
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Here’s what our analysts found about Arizona markets when checking the share of luxury homes in the country’s 30 largest, 30 mid-sized, and 30 small cities, using a minimum price point of $1M as a luxury benchmark:
• Large and mid-sized cities in California display some of the highest shares of homes up for sale for at least $1 million. Given the high median home prices, it’s no wonder high-end listings make up more than 60% of the inventory in Los Angeles, San Francisco, and San Jose, as well as in Glendale and Huntington Beach;
• In Arizona, Phoenix has 18.3% of homes for sale priced at least $1 million, with only 1.1% coming with price tags of $5 million and higher;
• Despite being a small market, Catalina Foothills boasts the highest share of luxury properties out of the Arizona markets analyzed, reaching 33.8%.
• Marana, on the other hand, has a smaller share of high-end homes for sale, 8.6%.
Considering a minimum price point of $1 million as a benchmark for what luxury entails, Point2 analysts looked at different-sized housing markets across the nation to determine how high-end they are. And because luxury can shift and amp its meaning depending on location, we checked the for-sale inventory in 30 large, 30 mid-sized and 30 small cities to rank them according to the availability of high-end housing. After analyzing the local shares of homes above $1 million and $5 million (where available), it turns out that small markets are not to be underestimated when it comes to glitzy housing options — just look at East Honolulu.
Large cities: In Los Angeles, listings above $1 million make up around 64% of the for-sale market. LA also dominates the ultra-luxury sector, with almost 12% of its homes priced above $5 million.
Mid-sized cities: California claims the three most luxurious mid-sized markets: Glendale (66%), Huntington Beach (63%), and Oxnard (43%) boast significant shares of high-end listings.
Small cities: At more than 70%, East Honolulu has the highest share of luxury homes for sale. Meanwhile, in two other small markets, more than half of the listings are priced above $1 million — Bozeman, MT (62%) and North Bethesda, MD (55%).
