Secondary markets across the U.S. are powering the country’s luxury real estate market, according to a report from realtor.com.
The luxury markets—defined as the top 5% of the market—that grew the fastest in terms of sales in January were Wake, North Carolina, Snohomish, Washington, and Sacramento, California, where million-dollar closings at least doubled year-over-year, Friday’s report said.
In Wake, sales increased more than 460%.
It was Clark County, Nevada,—home to Las Vegas—that logged the highest sales price growth in January. Luxury prices in the market rose 14.8% annually, putting the benchmark for luxury at $654,000.