Luxury homes in the Philadelphia area sell faster than in most other markets
Of the 10 fastest-selling markets, the Philadelphia metropolitan area had the second-lowest threshold for luxury homes: $898,989.
The typical luxury home in the Philadelphia region sold faster in November than in most other places, according to an analysis by Realtor.com.
Luxury homes in the Philadelphia metropolitan area sold in about two months — 64 days. That’s about a week quicker than at the same time last year.
And it puts the Philadelphia area in the top 10 fastest-moving luxury markets.
The Philadelphia region has both a strong demand for luxury homes and a housing supply that hasn’t kept up, which means homes that are on the market sell relatively quickly.
» READ MORE: The number of Philly-area homes worth at least $1 million has almost quadrupled over the last five years
Realtor.com labeled homes as luxury if their listing price was in the most expensive 10% of listings for their market. The company analyzed markets that had an average of at least 500 million-dollar listings over the 12 months through November.
The country’s fastest-moving luxury markets span regions and price points. The fastest was the San Jose, Calif., metro area, where luxury homes sold in November in a median of 56 days. And of the 10 fastest-selling markets, the Philadelphia metro area had the second-lowest threshold for luxury homes: $898,989.
Nationally, the luxury threshold in November was about $1.2 million. And homes listed at this price and above stayed on the market for a median of 78 days.
The slowest-moving metropolitan area in November was Bend, Ore., where luxury homes sold in a median of 146 days. Its luxury market started at $1.85 million.
The Heber, Utah, metropolitan area had the second-slowest market last month. Luxury homes there sold in a median of 136 days.
But this area outside Salt Lake City also had the most expensive luxury market in November. Its luxury threshold was about $6.6 million, which was roughly 10% higher than at the same time last year.
Falling luxury prices
Nationally, the threshold for what constitutes a luxury listing — roughly $1.2 million — was down 2.3% in November from the same time last year.
Luxury prices in November dropped from last year in eight of the 10 most-expensive metro areas.
In the region of Kahului and Wailuku on Hawaii’s Maui island, the luxury price threshold of roughly $3.66 million was down 21% from last year — the steepest price drop of the markets Realtor.com analyzed.