A luxury home for sale on South Beach, via Zillow
An unbelievable eight South Florida cities ranked among the country's Top 10 most unequal cities in terms of luxury sale prices, according to a report by Redfin.
Miami Beach topped the list of most unequal cities for the second quarter in a row, with an average price of a luxury home costing $6.32 million, over 12 times the average price for the rest of Miami. While that may not be a surprise to many, what is somewhat startling is who came in second - Delray Beach. The coastal city just north of Boca Raton continues to show tremendous growth in the luxury market with an average sale price of $1.72 million, equating to an 11 percent year-over-year increase, the third largest spike in the country.
As for nationwide trends, prices in the luxury market (priciest five percent) fell by 2.2 percent in the third quarter compared to last year. This marks the first decrease in price in the luxury market since the first quarter of 2012.
The methodology of the study:
"Redfin tracks the most expensive 5 percent of homes sold in more than 600 U.S. cities and compares price changes to the bottom 95 percent of homes in those markets. Analysis is based on multiple-listing and county recorder sales data in markets served by Redfin. To determine luxury market winners and losers, we look at cities with at least 40 luxury sales in the quarter and a luxury price point of at least $1 million. To determine the most unequal cities, we look at cities with at least 25 luxury sales in the quarter and a luxury price point of at least $1 million." · Home Prices in Luxury Market [Redfin]