The old real estate adage that higher-priced homes are less likely to sell has been turned on its head.
According to a September 10 Wall Street Journal article, the homes that are selling the fastest in today’s real estate market are those with price tags over $30 million.
Realtor.com data that examined this year’s home sales found that the median age for real-estate listings that fell just below $30 million was 180 days. As soon as the price rose above $30 million, the average age of the listings fell to 139 days.
The Wall Street Journal explains that luxury homes priced higher than $30 million tend to be “marketed quietly” before actually being listed on the market. People who buy higher-priced homes tend to be more engaged with the real estate market as well.
“We are seeing sales and interest like never before for custom luxury homes, especially on the higher end,” says Erik Cocks of Arthur Rutenberg Homes. “Customers want a showpiece they can be proud of and that sports the latest features. Real estate is once again one of the best investments people can make.”
And while 2014’s real estate market may seem to cater to homes at the top of the price range and their buyers, there’s good news across the board — the national median age of home listings on the market is 82 days, down from 85 at this time last year, the Wall Street Journal reports.