A property is generally considered “luxury” when it is priced in the top 10% of the local market. Because each area is different, a luxury home in a small charming town might sell for $1 million, while one in a bright bustling city could be valued at tens of millions of dollars.
While the price tag matters, a property could also be “luxury” for other reasons. Maybe it offers a unique location, is attached to extensive acreage, was made from exceptional materials, showcases cutting-edge technology, was designed by a famous architect, or boasts a prestigious history.