North America is home to most of the wealthiest individuals in the world, which means that there is also a high demand for luxury homes in the United States and Canada. The region alone has almost 74,000 ultra high net worth individuals,
. A survey of private bankers and wealth advisors from across the world found that approximately 27 percent of ultra high net worth individuals
. As the housing market gets hotter than ever and demand remains robust, luxury properties
as of March 2021.
How much does a luxury home in the hottest markets in the U.S. cost?
There is a significant disparity between the costs of a high-end home or apartment across different regions and cities in the United States: California was home to the most expensive luxury home markets in the U.S., with the
median sales price in San Francisco at close to 4.4 million U.S. dollars. Outside of California, Seattle, WA, Nassau County, NY, and Boston, MA had median sales prices of around two million U.S. dollars. In Manhattan, New York’s most exclusive borough, the
most luxury homes were sold in the Downtown area. Depending on the type of property,
prices can go as high as ten million U.S. dollars for a condo, or three million U.S. dollars for a co-op. Just two hours away from New York,
the Hamptons is another highly competitive luxury home market with prices exceeding ten million U.S. dollars in the first quarter of 2021.
When it comes to renting, luxury apartments were most expensive in Fresno, CA, Bakersfield, CA, and Charlotte, NC, with average monthly rent in buildings classified as high-end of over 1,300 U.S. dollars.
Which cities in Canada had the most luxury home sales?
Vancouver and Toronto were undoubtedly the
largest luxury home market in Canada in 2020, with approximately 1,850 and 1,800 units sold in the first half of 2020. In Vancouver, the average luxury home sold for 1.85 million Canadian dollars in 2020, making it
the most expensive market. Nevertheless, in Toronto, luxury properties sold the fastest: The
average number of days between listing a property and a sale was a little over a month, compared to 55 days in Vancouver and Ottava. When comparing condo prices, Toronto had the highest prices amounting to 1.2 million Canadian dollars in 2020.
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