West Palm Beach has the largest luxury home price premium in the country, according to a new Redfin report.
Here’s what the data found:
- The typical luxury home sells for $4.5 million.
- The typical non-luxury home sells for about $507,000.
- That means luxury homes cost 8.9 times more than the average home — the highest ratio among the nation’s largest housing markets.
Redfin says wealthy buyers continue to flock to West Palm Beach because of its waterfront lifestyle, warm weather, and Florida’s tax advantages. The company also notes that many newcomers are relocating from states like New York, New Jersey, and California at younger ages than in previous years.
