Silicon Valley boasts the highest number of homes sold for $1 million or more in the nation, according to RealtyTrac. A vibrant tech boom is helping to boost home sales of $1 million and up, which have doubled in this area in the past year.
Silicon Valley’s housing market is benefitting from a tech boom as well as a surge in wealthy Chinese buyers who are entering into all-cash real estate deals. Demand has increased so much there in the $1 million and above range that inventory of homes for sale has fallen by half in the last year, particularly in communities like Palo Alto and Los Altos.
Sales have moved so much higher in Silicon Valley that it has bumped out former luxury leaders like Beverly Hills and Miami. The following cities now account as the new leaders in the luxury market, CNBC reports.
- Saratoga, Calif.
- Burlingame, Calif.
- Cupertino, Calif.
- Los Altos, Calif.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/09/04/new-leading-market-in-luxury-real-estate
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