Here are the Arizona cities with highest share of $1 million homes for sale
Sourced By: AZ Big Media
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?
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.
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