Two cities in Arizona are among the U.S. housing markets with the highest share of $1 million homes for sale, according to a recent Point2 study.
Since $1 million can buy a homeowner more or less depending on the size and location of the market, Point2 analyzed the for-sale inventory of homes listed at $1 million in 30 large cities, 30 mid-sized cities and 30 small cities to determine how high-end and different-sized housing markets compare across the nation.
In Arizona, Catalina Foothills boasts the highest share of homes listed at $1 million within the state, while Phoenix ranks among the 15 highest shares of the 30 largest U.S. cities. Marana, Ariz. was also included in the study, but it has a smaller share of high-end homes for sale, sitting lower on the list of small cities.
Despite its small market size, Catalina Foothills ranks as the Arizona city with the most homes listed for at least $1 million in Point2’s study, with 33.8 % of listings above $1 million. Nationally, Catalina Foothills ranks No. 6 among the 30 small U.S. cities analyzed in the study, which include East Honolulu at No. 1 (70.5 %), Bozeman at No. 2 (62.4%) and North Bethesda at No. 3 (54.7%). Marana, Ariz. ranks No. 16 with 8.6% of listings above $1 million.
Of the 30 large U.S. cities analyzed, Phoenix ranks No. 13 with 18.3% of listings above $1 million and 1.1% above $5 million. In Phoenix, the median home price is $435,000, while in the two largest U.S. cities with the highest share of $1 million homes, Los Angeles and San Francisco, the median home price is $926,000 and $1,300,000, respectively.
Though luxury is typically sought out in larger cities recognized for their glitz and opulence, Point2’s study suggests that smaller cities should not be underestimated when it comes to high-end listings, as shown by Catalina Foothills’s high share of $1 million homes for sale.
Read the full study here.
