Chat
Chat with Sales Hours: Monday-Friday 8:30 a.m. - 4:30 p.m. (CST)
Contact Sales
Call Sales Toll-Free 1-(866) 774-3282 Hours: Monday-Friday 7 a.m. - 5 p.m. (CST)
Product Login
Product Log-in
Product Support
Product Support
Email Sales
Contact Sales
After Hours
  • Support
  • Sign In Sign In
  • AUS NZ UK
CoreLogic - Home
  • Solutions
    view solutions by:

    Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence

    Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker

    Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax

    Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather
    • Claims Automation
    • Restoration
    • INTRCONNECT

    Mortgage Lenders

    • Origination

    Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring

    Mortgage Appraisers

    • Appraisal

    Real Estate Agents & Brokers

    • Agents & Brokers

    Real Estate MLS

    • Multiple Listing Enterprises

    Commercial Real Estate Owners

    • Commercial Property Tax

    Marketing Departments

    • Property Data

    Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management

    Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification

    Construction Contractors

    • Restoration Contractors

    General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
  • Resources

    Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index

    Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles

    More Resources

    • Events
    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes
  • Company
    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Search
CoreLogic - Home
  • Solutions
  • Resources
  • Company

    • About
    • Leadership
    • Newsroom
    • Contact
    • Careers
  • Accounts

    • Products Sign-in
  • Contact

    • Sales Contact
    • Product Support
  • Regions

    • Australia
    • New Zealand
    • United Kingdom
  • Social

    • Facebook
    • Instagram
    • Linkedin
    • Twitter
    • Youtube
Solutions
VIEW BY:
  • Data Solutions

    • Lead Generation
    • Property Data
    • Location Intelligence
  • Real Estate

    • Multiple Listing Enterprise
    • Agent & Broker
  • Mortgage

    • Origination
    • Servicing
    • Appraisal
    • Commercial Property Tax
  • Insurance

    • Hazard Risk
    • Catastrophe Risk Management
    • Risk Evaluation
    • Underwriting Automation
    • Weather
    • Claims Automation
    • Restoration
    • INTRCONNECT
  • Mortgage Lenders

    • Origination
  • Mortgage Servicers

    • Residential Property Tax
    • Default & Loss Mitigation
    • Portfolio Insight & Monitoring
  • Mortgage Appraisers

    • Appraisal
  • Real Estate Agents & Brokers

    • Agents & Brokers
  • Real Estate MLS

    • Multiple Listing Enterprises
  • Commercial Real Estate Owners

    • Commercial Property Tax
  • Marketing Departments

    • Property Data
  • Insurance Underwriters

    • Risk Evaluation
    • Underwriting Automation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Risk Managers

    • Risk Evaluation
    • Hazard Risk
    • Catastrophe Risk Management
  • Insurance Claims

    • Claims Automation
    • Restoration Contractors
    • Weather Verification
  • Construction Contractors

    • Restoration Contractors
  • General

    • Location Intelligence
    • Lead Generation
    • Data Solutions
Resources
  • Reports

    • Climate Change
    • Construction Cost Update
    • Construction Insights
    • Home Price Insights
    • Homeowner Equity Insights
    • Loan Performance Insight
    • Mortgage Fraud
    • Property Tax Delinquency
    • Single-Family Rent Index
  • Insight Blogs

    • Hazard HQ
    • Office of Chief Economist
    • Affordable Housing
    • Homebuying
    • Insurance
    • Other Articles
  • More Resources

    • Events
    • Case Studies
    • White Papers
    • Podcasts
    • Quick Takes

Home / Intelligence / 2021: A Banner Year for the Luxury Home Market

ABOUT THE AUTHOR
Selma Hepp
Selma Hepp
Chief Economist
View Profile
  • July 6, 2022

2021: A Banner Year for the Luxury Home Market

Home sales for properties over $2M spiked 72%

While 2021 was a banner year for the overall housing market, it proved particularly strong for luxury home purchases. Sales of luxury homes — defined as homes priced at or above $2 million — jumped 72% in 2021 compared to the year prior and 116% when compared to 2019.

Figure 1: Luxury Home Sales Jump 72% in 2021

Figure 1: Luxury Home Sales Jump 72% in 2021
Source: CoreLogic Property Records
© 2022 CoreLogic,Inc., All rights reserved.

Although all price segments within the luxury home market saw a substantial jump, the largest increase occurred for homes priced between $10 and $20 million, a segment which was up 89% in 2021. As a result, the share of luxury sales reached 1% of the overall number of home sales, an increase from the 0.4% average recorded prior to the pandemic.

The surging trend in luxury sales was also seen internationally.

Figure 2: Similar Surge in Luxury Sales in Australia

Figure 2: Similar Surge in Luxury Sales in Australia
Source: CoreLogic
© 2022 CoreLogic,Inc., All rights reserved.

In Australia, luxury home sales (those over US$2 million) soared 129% in 2021, pushing the share of luxury homes to 2.3% of total sales, up from an average of 1% in the years before the pandemic. Other international markets, including Singapore, Dubai, France and Spain, experienced similar increases in demand for luxury properties.  

In the U.S., demand for luxury homes reached new markets in addition to those that are traditionally considered high-end, such as California, Florida and New York. While these three states still accounted for 63% of all luxury home purchases in 2021, states such as Colorado, Arizona and North Carolina saw an increasing share of total luxury sales.

Figure 3: New Map of Luxury Sales

Figure 3: New Map of Luxury Sales
Source: CoreLogic MLS
© 2022 CoreLogic,Inc., All rights reserved.

In Durango, Colorado, luxury sales were up 300% in 2021. In Asheville, North Carolina, they grew 400%. In Phoenix, sales of luxury homes increased 172%. For properties priced between $10 and $20 million, some of the new markets with the largest increases, albeit from a low base, included the Kahului Metro Area in Hawaii; Austin, Texas; and Gardnerville, Nevada, which encompasses Lake Tahoe. All these areas experienced a 400% increase in ultra-luxury home sales. There are several reasons for this surge in luxury homes in the U.S. and abroad. The rallying stock market, high valuations of cryptocurrencies and escalating real estate prices all allowed affluent individuals to multiply their net worth as well as permit new investors to attain significant net worth milestones. Consequently, the number of individuals in the U.S. with a net worth of $5 million or more increased by 25% in 2021. Globally, this figure increased by 20% and now represents a population of 3.5 million. As a result, luxury home sales, despite facing inventory shortages, will likely see continued robust demand and strong price growth going forward.

© 2022 CoreLogic,Inc., All rights reserved.
  • Category: Intelligence, OCE Monthly, Podcast/Vodcast
  • Tags: Housing Market, International Real Estate, Market Trends
ABOUT THE AUTHOR
Selma Hepp
Selma Hepp
Chief Economist
View Profile

Related Posts

mississippi tornadoes
Blogs

March 24 EF-4 Tornado in Mississippi

CoreLogic estimates over 4,100 homes were within the path of the tornado that hit Mississippi on March 24, 2023.

March 29, 2023
California Atmospheric Rivers
Core Conversations

What Was it Really Like to Live Through the California Floods? Our Team Spills | Part 2

In Part 2, host Maiclaire Bolton Smith talks about the atmospheric rivers and the snow that has made headlines and headway in altering California’s natural hazard landscape.

March 29, 2023
CSI_Promo_Mar2023
Blogs

US CoreLogic S&P Case-Shiller Index Gain Slows to Pre-Pandemic Low, Up by 3.8% Year Over Year in January

The index continued to decline year over year in January, again posting a single-digit gain.

March 28, 2023

About Corelogic

  • Newsroom
  • Leadership
  • Careers
  • Ethics & Compliance

Accounts

  • Products Sign-in

Contact

  • Sales Contact
  • Product Support

Regions

  • CoreLogic Australia
  • CoreLogic New Zealand
  • CoreLogic UK

Follow & Connect

  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • YouTube
© 2023 CoreLogic. All rights reserved.
  • Legal
  • Privacy Policy
  • CCPA
  • Cookie Preferences
  • Security
  • Sitemap
  • Accessibility
  • Legal
  • Privacy Policy
  • CCPA
  • Cookie Preferences
  • Security
  • Sitemap
  • Accessibility