According to data from Realtor.com secondary U. S. cities are seeing a substantial increase in the number of luxury home sales. Seattle in particular is not only seeing an increase, but also boasts the fastest time on market of about 50 days compared to 139 days nationally. Seattle is followed by Silicon Valley, San Francisco, Greater Los Angeles, and San Diego in time on market for a luxury home.
What is considered a luxury home you might ask? Realtor.com considers a luxury home to be one in the top 5% of all listings. In Seattle that equals about $2.5 million. By contrast, in Silicon Valley the price tag is nearly $5.5 million, whereas in Nashville you can have it all for only $760,000.
With the continued tech boom in Seattle, coupled with other signature companies and quality of life, the housing market continues to skyrocket. The luxury market is up 18.5% over a year ago and in King County home prices have climbed over 10% in 2018 alone.