There are affluent neighborhoods, then there are very wealthy neighborhoods, and then there is a Cape Cod locality where nearly all active listings carry prices starting in the seven-digit range.
According to data from Realtor.com, Nantucket, Massachusetts, has the unique distinction of having 99% of all active listings priced at $1 million or higher. The closest any other market comes to that aggregation of luxury real estate is also on Cape Cod: Vineyard Haven, Massachusetts, where 90% of its active listings are priced at $1 million or higher.
In comparison, the third ranked market with an overabundance of luxury real estate is Jackson, Wyoming, where 68% of active listings start are at $1 million or higher.
“These pure luxury markets are defined by geographic and structural scarcity,” said Anthony Smith, senior economist at Realtor.com. “Whether it’s an island with strict building codes or a mountain valley with limited private land, supply cannot expand to meet demand. This creates an environment where luxury becomes the standard. In Rifle, Colo., a micropolitan market which encompasses Aspen, the top 1% of the market starts at $59.2 million, a figure that dwarfs the ultra-luxury thresholds of even the largest coastal powerhouses like Los Angeles or New York.”
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