The Average Cutoff For What is Considered to be a Luxury Home is Steadily Increasing
As the real estate market has continued to heal since the financial crisis in 2008, homes on average have begun to increase in sales price due to higher demand. One demographic in particular that has experienced a substantial rise in price and popularity are luxury homes.
According to dnainfo.com, one of the largest hubs of people in the world, New York City, has seen an increase in the cutoff of what is considered to be a luxury home. StreetEasy's new luxury price tier metric from their third quarter report found that one in every five Manhattan and Brooklyn homes on the market is considered to be a luxury property.
The luxury tier cutoff price is derived from a 12-month average of the recorded sales price of the top 10% of properties in the area.
In Manhattan, the current price ...