The Age of Luxury: How Property Age Impacts Price and Desirability

In the world of real estate, property age is a crucial factor in determining its desirability and price. As we delve into the data, it becomes clear that the age of a property plays a significant role in shaping its value.

Median Prices: A Glance at the Numbers

Let's start by examining the median prices for different cities. According to the data, luxury markets like New York, NY, have a median sale price of $825,000, while Los Angeles, CA, has a median price of $736,000.

In Chicago, IL, the median price is $400,000, while Houston, TX, and Phoenix, AZ, have median prices of $355,000 and $485,000, respectively. Philadelphia, PA, has a median price of $255,000, while San Antonio, TX, and San Diego, CA, have median prices of $189,000 and $656,542, respectively. Dallas, TX, has a median price of $265,000, and San Jose, CA, has a median price of $729,500.

It's worth noting that some cities, like Indian Creek, FL, have a median price of $79,000,000, while Indian Field, CT, has a median price of $17,500,000. Makena, HI, has a median price of $17,250,000, and Sagaponack, NY, has a median price of $15,500,000. Palm Beach, FL, has a median price of $13,750,000, and Watch Hill, RI, has a median price of $11,750,000. Water Mill, NY, has a median price of $11,711,000, and Gulf Stream, FL, has a median price of $11,475,000.

Homes Sold: A Comparison

When it comes to homes sold, New York, NY, has seen 2,381 homes sold, while Los Angeles, CA, has sold only 78 homes. Chicago, IL, has sold 1,134 homes, and Houston, TX, has sold 1,680 homes. Phoenix, AZ, has sold 1,451 homes, and Philadelphia, PA, has sold 885 homes. San Antonio, TX, has sold only 25 homes, while San Diego, CA, has sold 255 homes. Dallas, TX, has sold 140 homes, and San Jose, CA, has sold 96 homes.

In contrast, luxury markets like Indian Creek, FL, have sold only 1 home, while Indian Field, CT, has sold 1 home. Makena, HI, has sold 1 home, and Sagaponack, NY, has sold 1 home. Palm Beach, FL, has sold 5 homes, and Watch Hill, RI, has sold 1 home. Water Mill, NY, has sold 1 home, and Gulf Stream, FL, has sold 2 homes.

Days on Market: A Key Indicator

Days on market is another crucial factor in determining a property's desirability. According to the data, New York, NY, has a median DOM of 74 days, while Los Angeles, CA, has a median DOM of 43 days. Chicago, IL, has a median DOM of 48 days, and Houston, TX, has a median DOM of 47 days. Phoenix, AZ, has a median DOM of 50 days, and Philadelphia, PA, has a median DOM of 50 days. San Antonio, TX, has a median DOM of 79 days, while San Diego, CA, has a median DOM of 30 days. Dallas, TX, has a median DOM of 58 days, and San Jose, CA, has a median DOM of 23 days.

In luxury markets, we see a different story. Indian Creek, FL, has a median DOM of 141 days, while Indian Field, CT, has a median DOM of 496 days. Makena, HI, has a median DOM of 409 days, and Sagaponack, NY, has a median DOM of 82 days. Palm Beach, FL, has a median DOM of 85 days, and Watch Hill, RI, has a median DOM of 182 days. Water Mill, NY, has a median DOM of 157 days, and Gulf Stream, FL, has a median DOM of 199 days.

What Does This Mean for Homebuyers and Investors?

The data suggests that property age plays a significant role in determining its desirability and price. Luxury markets, in particular, are affected by the age of the properties. As we move forward, it will be interesting to see how these trends continue to shape the real estate market.

For homebuyers, it's essential to consider the age of the property when making a purchase decision. A younger property may require more maintenance and repairs, while an older property may have a higher resale value. Investors should also take note of the age of the properties they're considering, as it can impact their return on investment.

As we move forward, it's crucial to stay up-to-date with the latest market trends and analysis. For more information on the current market, be sure to check out our article on how rising inventory levels are shaping buyer decisions this spring.

Additionally, our article on AI in real estate discusses how realtors can future-proof their investments using data-driven insights.

By staying informed and adapting to the changing market, homebuyers and investors can make informed decisions and achieve their goals.