In today's earlier post, you saw that residential real estate prices are clicking upward in numerous countries around the world. Look closer to home and you'll also see that there's good news in the luxury home segment. Forbes magazine reports that many of the nation’s “blue-chip” neighborhoods have largely sidestepped the housing downturn.
Properties in these areas have held their value and in many cases increased just as steadily in the past two years as they have in the last 17. While this may be a function of location, location, location. It is also a result of the strength of the upper-tier housing market. Note the median home price in each of the Forbes hot-spots below and you'll see what I mean.
These neighborhoods, located in the country's 15 largest metros, have enjoyed the greatest total appreciation since 1990 of any metropolitan areas in the country. Forbes gathered data from NeighborhoodScout.com which aggregated information from the U.S. Census Bureau.
Here are Forbes top 15 hot spots, their median home sale price and price growth since 1990:
- Miami, Brickell Ave. and 13th St.
- $623,492, 471 percent
- Los Angeles, Pacific Palisades
- $3.1 million, 440 percent
- Washington, Rock Creek Parkway and Massachusetts Ave.
- $2.84 million, 393 percent
- New York, Fifth Ave. and 70th St.
- $2.45 million, 325 percent
- San Francisco, El Camino Del Mar and Lake St.
- $2.2 million, 282 percent
- Atlanta, Ponce De Leon Ave. and Oakdale Road
- $703,087, 237 percent
- Chicago, Lake Shore Drive and Route 41
- $1.91 million, 236 percent
- Boston, Chelsea St. and Medford St.
- $1.48 million, 221 percent
- Seattle, Laurelhurst
- $1.12 million, 216 percent
- Minneapolis, Cedar Lake Road and Theodore Wirth Parkway
- $305,290, 197 percent
- Houston, West University Place
- $663,740, 194 percent
- Philadelphia, Walnut and Third streets
- $914,115, 184 percent
- Phoenix, Village On The Lakes and Taliverde
- $1.01 million, 177 percent
- Dallas, University Park
- $898,640, 148 percent
- Detroit, Grosse Point Park
- $510,578, 142 percent
If the stats are correct, they seem to reinforce the idea that the luxury market is alive and well in the U.S.