Newly released data is showing that luxury home prices in Sarasota and Tampa spiked 20% in 2019's final quarter while luxury prices in St. Petersburg dropped by roughly 13%.
The report compared the top 5% most expensive homes sold within the 4th quarter in over 1,000 U.S. Cities (excluding New York) while also comparing average sale prices for luxury homes both 2018's and 2019's Q4s in order to determine each city's year-over-year growth for luxury home prices.
When it was all said and done, Tampa’s luxury housing market grew by a whopping 20.6% up to $1.3 million — an increase that makes Tampa the 3rd highest year-over-year growth of all the cities included in the study.
Sarasota had the 4th highest year-over-year increase at 20.5%
As mentioned, St. Petersburg saw luxury home prices fall by 13.3%, the largest decline of any city. The study also reflected that San Diego, at 13.1%, and Mesa, Arizona, at 8.7%, had significant drops as well.
Diving deeper into the data, some are suggesting that the luxury market in St. Petersburg is more challenging because it's an older city with many older homes. But across the country, luxury home prices are continually on the rise as houses with a price-point of $1.5 million saw a 11% increase in 2019 Q4 sales. And even houses priced just below $1.5 million also saw sales rise by 6% year-over-year.