- As the real estate market in Miami cools off from its unprecedented property boom, luxury housing markets in other metros are heating up.
- Recent data suggests that a shift may be occurring in the luxury housing landscape, indicating a potential imbalance between supply and demand in the market.
- Demand for high-end properties is driving activity in cities such as Phoenix and Nashville, offering a new wave of opportunities for luxury home buyers and investors.
Miami has long been hailed as a haven for luxury home buyers, but recent trends suggest that other cities are stepping up to match its luxurious status.
In December, Miami’s luxury housing market saw a 7.5% annual increase in median home prices, reaching $5.37m, according to recent data from Realtor.com. These high-end properties spent an average of 88 days on the market.
Jonathan Miller, CEO of appraisal firm Miller Samuel, noted that an increase in days on the market may indicate an imbalance between supply and demand.
While Miami’s real estate market experienced a surge during the pandemic, with skyrocketing home prices and an influx of affluent residents, other cities have now taken the lead in terms of fast-paced home sales and increasing property values.
According to Realtor.com, Santa Maria boasts rising luxury listing prices. In December alone, prices rose by 45% annually, reaching an average of $20.06m.
This affluent metro area is known for its exclusive neighbourhoods, such as Montecito and Carpinteria, where celebrities such as Oprah Winfrey and the Duke and Duchess of Sussex have made their homes. With listings averaging 73 days on the market, it’s clear that Santa Maria is a highly coveted and competitive real estate market.
European high net-worth individuals (HNWIs) looking to purchase luxury real estate outside of Miami at less expense should use a secure money transfer service when making payments.
South Portland, Maine is quickly emerging as a hot housing market, attracting newcomers looking for more diverse luxury homes compared to Boston or New York. In fact, luxury listing prices in Portland saw a staggering 40.3% annual jump in December reaching a median of $2.52m.
Tampa, Florida has seen a significant increase in its luxury real estate market in recent months. According to Realtor.com, the median luxury listing price in the Tampa area rose 9.4% to $1.75m in December, and homes spent an average of 78 days on the market.
Experts suggest that Tampa may be benefitting from a spillover effect from Miami as buyers seek luxury waterfront properties and the various advantages that Florida has to offer.
HNWIs interested in experiencing luxury living in these upcoming cities can read our money transfer reviews to gain valuable insights regarding currency exchange rates.
