It hasn’t been a great year for the luxury second-home market. I exclusive top-20 second-homes survey, listed below, reveals that the median sales price of $1 million-plus homes dropped 3.6%, to $1,874,628.
This year’s decline in median prices might not capture the entire picture. A large number of homes originally listed below $1 million, which then closed above $1 million, dragged down some areas’ overall median sale price. That’s what happened in Austin, Texas, for example. So a decline in median prices might disguise a strength in the local market. Our market-intelligence column, beginning just below, provides pointers.
The good news is that the housing recession seems to be over. In places like Scottsdale, Ariz., and Palm Springs, Calif., the overhang of distressed properties has been cut. Furthermore, after languishing for years, luxury-home construction is picking up, with spec homes being built again in places like Kiawah Island, S.C. In our top spot this year, Sea Island, Ga., the median price rose 31.8%. Click to read more