The largest and most heavily populated cities across the U.S. continued their fall from grace at the tail end of 2020 as well-heeled home buyers directed their attention from metropolises to suburban living, according to Monday’s luxury market report from realtor.com.
The online property portal tracks the top 5% most expensive residential listings in 95 counties for its luxury index, and it was suburbs and secondary luxury markets that had the most prosperous fourth quarter in 2020.
Those increases are being underpinned by the seemingly insatiable appetite for more square footage, more privacy and more green space—amenities that are scarce in city centers.
Indicators point to a generally healthy high-end real estate market in the U.S., though some markets are outpacing others.
Of the 95 tracked locales, 83 saw price growth in the fourth quarter and luxury homes were selling in an average of 120 days, 15 days faster