The U.S. housing market is on fire. Prices are rising at a record pace, and it's getting harder and harder to find a good deal on a home. Even the ever-increasing cost of home lending isn’t doing much to drive prices downward, despite the US Federal Reserve’s best efforts to curb inflation by raising the base rate! If you're looking for a luxury home, there are still a few markets where you can find some good deals. Here are five of the strongest luxury housing markets in the U.S. right now.
St. Louis is a city that has been on the upswing in recent years. The economy is strong, unemployment is low, and there's a lot of new development happening. This has all led to a surge in demand for luxury homes in St. Louis. The median home price in St. Louis is currently around $250,000. This is significantly lower than the national average of $375,000. So if you're looking for a luxury home in a more affordable market, St. Louis is a great option.
While the Midwest region might not be for everyone, St. Louis has a lot to offer luxury buyers in terms of amenities. The city is home to a world-class art museum, a symphony orchestra, and a number of professional sports teams. St. Louis is also located within a short drive of some of the most beautiful natural scenery in the country.
Boulder is a city that is known for its stunning scenery, its vibrant arts and culture scene, and its strong economy. The city is also home to a number of Fortune 500 companies, which has helped to drive up demand for luxury homes in recent years.
The median home price in Boulder is currently around $900,000. This is significantly higher than the national average, but it is still relatively affordable for luxury buyers. Boulder is a popular destination for tech workers and entrepreneurs, and the city's economy is expected to continue to grow in the coming years.
San Jose is the heart of Silicon Valley, and it is one of the most expensive cities in the country. The median home price in San Jose is currently around $1.5 million. However, the city's strong economy and its abundance of amenities make it a desirable place to live for luxury buyers.
San Jose is home to a number of Fortune 500 companies, and the city's unemployment rate is consistently below the national average. The city also has a thriving arts and culture scene, and it is home to some of the best restaurants in the country. Plus, its close proximity to San Francisco means it’s close to even more incredible culture and arts.
Dallas is a major financial and business center, and it is home to a number of Fortune 500 companies - much like many of the other entries on this list. Similar to San Jose, for example, the city's economy is likewise quite strong, and the unemployment rate is consistently below the national average. In fact, the entire Dallas-Fort Worth area has been a solid economic performer for decades.
The median home price in Dallas is currently around $500,000. This is significantly lower than the median home price in San Jose or Boulder, but it is still a relatively high price tag. However, Dallas offers a number of amenities that appeal to luxury buyers. The city has a vibrant arts and culture scene, and it is home to some of the best restaurants in Texas.
Hilton Head is a resort town located on the Atlantic coast of South Carolina. The city is known for its beautiful beaches, its golf courses, and its upscale shopping. It has a very strong and well-earned reputation for luxury living thanks to its position on the coast and the warm weather it experiences nearly year-round.
The median home price in Hilton Head is currently around $1 million. This is a relatively high price tag, but it is still affordable for luxury buyers. The city's strong economy and its abundance of amenities make it a desirable place to live for those who want to enjoy a luxurious lifestyle. It’s especially relevant for anyone who enjoys boating or watersports of every kind.
These are just a few of the strongest luxury housing markets in the U.S. right now. If you are looking for a place to buy a luxury home, these are the cities where you should start your search.
Bonus Markets You Should Consider for Luxury Housing
St. Louis, Boulder, San Jose, Texas, and Hilton Head are fantastic choices if you’re looking for a solid luxury housing market. In addition to the five cities listed above, there are a few other markets that are worth considering if you're looking for a luxury home. These include:
These markets are all experiencing strong growth, and they offer a good mix of affordability and amenities. So if you're not sure where to start your search for a luxury home, these are a few great places to consider.
If you are in the market for a luxury home this year, you can’t go wrong with any of the excellent cities and neighborhoods mentioned in this list. However, you should be aware that markets change all the time based on economic conditions. Be sure to do your due diligence and thoroughly research every property you’re interested in. Enlist the help of a qualified real estate professional familiar with your target market for the best results!