California’s Silicon Valley, including San Jose, Sunnyvale and Santa Clara, has the fastest-selling luxury homes in the U.S.
That might surprise given the high-profile layoffs that began rippling through the tech industry last fall and continue to make news as even some AI startups begin to reduce headcounts. Nevertheless, the median luxury home in the San Jose-Sunnyvale-Santa Clara metropolitan area sold in little more than a month—39 days to be exact, and actually two days faster than last year, according to data Realtor.com prepared for Mansion Global.
The data indicates that the deepest-pocketed residents of Silicon Valley are still willing to spend. Luxury is defined as the top 10% of the housing market, and the latest Realtor.com data covers 60 of the most-expensive metros as of June.
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To drive the point home, the second-fastest luxury housing market in the U.S. is fellow tech hub Seattle, where the median home sold in 43 days. That’s a week slower than last year, according to the data, but still extremely fast given that more expensive homes tend to sit on the market for longer.
The robust housing market in Nashville, Tennessee, rounded out the top-three fastest movers, with luxury homes selling in 47 days, according to the data. Though that does mark a slowdown from a year ago, when homes were selling eight days faster.
At the other end of the spectrum, two Connecticut cities tied as the slowest-moving luxury markets. The median home seller took 114 days to close in the Stamford metro area, which includes the affluent towns Greenwich and Darien, as well as greater Torrington, outside of Hartford. Both areas have seen a slowdown from a year ago, as the pandemic-led rush for homes outside of New York City has ebbed considerably.
Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.
This article originally appeared on Mansion Global.
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