Raising the Luxury Market Price Point
What is considered “Luxury” in a given real estate market? The top 10% of a given market is one gauge used nationally. When we started the Luxury Report in 2012, the top 10% hovered around $2 million. By 2016, the top 10% averaged around $3.5 million.
The number of Luxury-defined $5+ million sales skyrocketed 132% in 2020 to 257 sales. This surge drove the definition of Luxury in our market up 63% from 2019 to a baseline of $6.5 million. In 2021, if we had focused solely on the top 10% of our market to define a Luxury Home, we would have only included $8+ million sales.
Currently, of the 47 active single-family home listings only eight are listed for under $3 million. If we look at the top 10% of what’s available now, the listings sit at $13.95 million and above. With the Luxury bar raised so dramatically in 2020, going forward this report will only focus on sales above $5 million.
As a courtesy to our clients, we offer a confidential market analysis of your distinctive Jackson Hole property, as well as annual valuation updates for trust and estate planning. If you own a luxury property in Jackson Hole and would be interested in a confidential market analysis, please fill out the form below or call David at (307) 690-4004 or email email@example.com.
To read the 2021 Luxury Report, or download a digital copy, please CLICK HERE.
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