Typically, the luxury home market in any given area is defined as the top 10 percent of residential home sales (based on price) in the last 12 months. However, it will vary depending on the location of the home.
Nationally, the luxury market is a small percentage of residential home sales. According to the Luxury Home Council, in 2007 homes priced over $1 Million represented just 1.92 percent of U.S. housing. That is including a 470 percent increase in $1 Million+ homes from 2000-2005. There are approximately 54,000 luxury homes, priced over $1 Million, for sale across the Unites States with approximately 33 percent of that in California alone.
On ERADistinctiveProperties.com, the luxury market is given a floor of $500,000. However, we do realize that this is still more than some luxury homes for sale are listed at across the country. Therefore, you will see a few homes under $500,000 on this site, but rest assured they are distinctive homes within their own rights. Homes featured herein have been chosen based on their outstanding presentation, excellent condition, and exceptional value. These properties are of special interest for a select group of buyers interested in distinctive homes nestled in the most sought after, magnificent venues!
