Welcome to a world of real estate extravagance. Whether the market is up or down, elements like square footage, prime location, and a gorgeous view remain as much of a flex as ever.
How Is the National Real Estate Market Looking These Days?
Anyone who regularly “lurks” on real estate sites like Zillow and Trulia has probably noticed that things have quieted down, with new homes popping up on the sites less and less.
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Rob Riccitelli, a real estate agent with Landing Real Estate in South Portland, Maine, notes that low inventory and higher interest rates are creating a real challenge for home buyers, but there’s hope: “I do think that some buyers are beginning to realize that if they’re pre-approved for an amount that gets them into a home that they like and can afford, they can refinance their mortgage when the rates go down.”
What About the National Luxury Real Estate Market?
Riccitelli, based in Maine, is familiar with the luxury market. Portland, Maine was noted as being the top luxury market in the United States in 2023. He called the luxury real estate market “a different game” and notes that when prices go north of the million-dollar mark, interest rates seem to be less of a factor: “Buyers purchasing at that price point are often paying cash.”
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Most Expensive Houses: A Few Surprises and a Few Exceptions
While you might assume that a grand Gilded Age mansion on Manhattan’s 5th Ave. would be the top contender, it’s actually a better bet to focus on a tropical climate for that. Mountainous and secluded areas have also ranked highly on the list, offering ample privacy and expansive landscapes to explore.
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A few things to keep in mind:
- We did not include apartments in this list and stuck with private detached homes. If you are interested in seeing a couple of those exceptions, check out this $195,000,000 modern palace in the sky in NYC and this sweet pad in New Orleans for a cool $19,500,000.
- We also avoided properties where the focus was more on land than the house on it.
- This list is current as of April 1, 2024.
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Source: RANKED: The Priciest Home for Sale in Each U.S. State
