Luxury residential real estate in North America - statistics & facts

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, more than any other region in the world. A survey of private bankers and wealth advisors from across the world found that approximately 27 percent of ultra high net worth individuals bought a new home in 2020 and 29 percent were planning to purchase one in 2021. As the housing market gets hotter than ever and demand remains robust, luxury properties took less than a month to sell 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.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 6, 2021

Key insights

Average size of a luxury single-family home
3.5k sq ft
Sales price to list price ratio of single family homes
97.95%
Sales ratio of single family homes
21.89%
Get more insights

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Average price of single family homes and condominiums in San Francisco Bay area in January 2021 and January 2022, by submarket (in U.S. dollars per square foot)

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Average square footage price of housing in San Francisco Bay Area 2021-2022, by type

Average sales price of condos, single family homes and luxury properties in the Hamptons in 1st quarter 2020 and 1st quarter 2021 (in million U.S. dollars)

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Average value of luxury homes sold in the Hamptons Q1 2020-Q1 2021, by property type

Average size of luxury single family and attached homes in North America as of November 2021 and November 2022 (in square feet)

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Average size of luxury homes North America 2021-2022, by property type

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