California’s Oak Park luxury homes market
What constitutes a luxury home these days, anyway? Most buyers and real estate agents aren’t too sure, but they know it when they see it. With big runups in home prices during the last real estate boom, it would seem that just about anything could pass for a luxury home if you’re simply referring to affordability–or the lack thereof, to be more accurate.
Nevertheless, the luxury home market is probably best defined locally and relatively, rather than in absolute dollar amounts. Why? Because a million dollar home in Oak Park, while fitting into most of our definitions of the word “luxury,” is less so than, say, a million dollar New Mexico home. This is due to local factors such as the economy, the job market, supply and demand for homes in particular neighborhoods, etc.
Taking a look at Oak Park, California home prices, we find a full 30% of homes in Oak Park are listed over $1 million dollars currently. These are definitely a part of the luxury home market, to be sure. However, if we focus in on homes in the top 5%, we’ll find prices in this luxury home bracket to be over $3 million.
