The top of the real estate market continues to surge, and the most expensive homes are showing the most strength.
Sales of homes priced at $1 million or more were up 21 percent in the 12 months ended in July, according to the Coldwell Banker Previews International Luxury Market Report. Around 92,000 homes sold at that price during that timeframe, compared with just 76,000 the previous year, according to the report, which was released Tuesday.
Sales of homes priced at $5 million or more increased 54 percent over the year, to 793. And sales of homes priced at $10 million or more rose 43 percent, to 99.
Demand is being driven by the increase in global wealth and interest among the wealthy in buying real estate as an investment and a secure home for their assets, according to Coldwell Banker.
The report, which also surveyed 500 people with a net worth of $500 million or more, said 54 percent of wealthy respondents plan to invest in real estate this year, up from 48 percent a year earlier.
And one-third of respondents said they are buying real estate solely for investment purposes, up from 21 percent last year.
“The growth of the global economy as well as a rising emphasis on real estate as a wealth asset class have led to an expansion of the high-end real estate marketplace,” the report said.
Sales of million-dollar listings are still highly concentrated on the coasts. New York City had the most million-dollar sales, at 6,753, followed by Los Angeles with 2,685 and San Francisco with 2,324. San Jose ranked fourth with 1,241.
New York City had the most sales of homes priced at $10 million or more, at 217, followed by Beverly Hills and Los Angeles, which both had 34.
The top three ZIP codes with the most million-dollar sales were all in New York — 10023 (Central Park West), 10019 (Central Park South) and 10011 (Chelsea). The 92037 ZIP code in La Jolla, California, ranked fourth, and 94539 in Fremont, California, ranked fifth.
Yet the cities and ZIP codes with the most million-dollar listings — active listings not yet sold — showed some surprises. While New York City had the most million-dollar listings, Atlanta ranked second, ahead of Los Angeles at number three.
The number of active million-dollar listings surged 57 percent in Atlanta over the 12-month period, to 981.
See below for the top 10 ZIP codes for million-dollar listings.