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Fastest-growing U.S. luxury market? Sarasota County

Interest from prospective home buyers in Northern states have propelled two Florida counties – Sarasota and Collier – to the top of the nation’s fastest-growing luxury housing markets, according to the May 2018 Luxury Home Index from realtor.com.

In May, the top 5 percent most expensive home prices in Sarasota (North Port) and Collier (East Naples) counties grew 19 and 14 percent, respectively.

Additionally, Broward County, Fla. – home to Fort Lauderdale and ranked No. 19 on the list – grew 9 percent year-over-year. Much of this growth is attributed to increased interest from buyers located in New York, Boston and Chicago – markets where, in many cases, luxury prices have stalled, according to realtor.com search data.

“Luxury prices in the Sunshine State are rising quickly as buyers from places like New York, Boston, and Chicago get wind that there is a better bang for their buck available down South,” said Javier Vivas, director of economic research for realtor.com. “Meanwhile, we’re seeing signs of a luxury market glut in many established markets, which is in some cases leading to spillover demand for their less pricey neighbors.”

May 2018 top 10 fastest growing luxury markets

Market (local county seat) – Top 5% luxury price – % Change year-over-year

Sarasota County (Sarasota) – $ 993,000 – 19.1%
Queens County (Queens, N.Y.) – $ 1,240,000 – 15.1%
Collier, County (East Naples) – $ 1,651,000 – 13.7%
Douglas County (Castle Rock, Colo.) – $ 919,000 – 13.1%
San Mateo County (Redwood City, Calif.) – $ 3,496,000 – 13.0%
King County (Seattle) – $ 1,486,000 – 12.8%
Marin County (San Rafael, Calif.) – $ 3,220,000 – 12.5%
Snohomish County (Everett, Wash.) – $ 790,000 – 12.4%
Hudson County (Jersey City, N.J.) – $ 1,306,000 – 12.1%
Santa Clara County (San Jose, Calif.) – $ 2,744,000 – 11.9%
While buyers in New York, Boston and Chicago may be driving growth in places like Florida, luxury prices within those markets themselves have stalled. In Boston’s Suffolk County, Chicago’s Cook County, and New York’s Manhattan and Suffolk counties, for instance, over the past year luxury home prices decreased 2.7, 2.2, and 2.1 and 1.3 percent, respectively.

In New York, in particular, demand for luxury homes in Manhattan and Brooklyn have stalled at $4.6 and $2.2 million, respectively.

© 2018 Florida Realtors®

4 thoughts on “Fastest-growing U.S. luxury market? Sarasota County

  • on June 16, 2018

    Today, I went to the beachfront with my children. I found a sea
    shell and gave it to my 4 year old daughter and said
    “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed.
    There was a hermit crab inside and it pinched her ear.

    She never wants to go back! LoL I know this is completely off topic but I
    had to tell someone!

    • Editor
      on June 19, 2018

      Thank you for sharing…. As a real estate brokerage in South Florida, we love the beach!

  • on June 17, 2018

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    • Editor
      on June 19, 2018

      Hello,
      Thank you for your feedback, greatly appreciated…. We suggest WordPress. Our DevTeam has used it for years now and it is a great tool, packedt with great add-ons… Regarding blogging, we would suggest following a few top bloggers via twitter or FB, such as Pat Flynn, Ramit Sethi, Lewis Howes and Ruy Machado to name a few… Good luck!

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