Source: Forbes —
Despite a slowdown from the previous year’s frenzy, the United States luxury real estate market is still soldiering on with new listings popping up and big-ticket sales happening everyday.
Here’s a glance at five distinct markets across the country and what’s for sale and what’s been sold.
Like other ski resorts all over the country, the town of Telluride in western Colorado is facing an inventory shortage and, as such, prices are at record highs. According to the Q3 market report from Telluride Real Estate Corp., the year-to-date number of transactions for 2022 is down 20% from last year and average prices are up 12%.
The lack of single-family home and condominium inventory has also led the regional market to trend largely toward vacant land sales, which made up 23% of total sales. What inventory remains is fetching handsome sums. As of September 2022, 18 single-family homes had sold for the year, totaling $90 million, making for an average of $5 million per home.