Core Insights - West Palm Beach, FL is experiencing the fastest growth in luxury home prices among major U.S. metros, with a median price of $4.04 million, reflecting a 187.3% increase over the past decade, significantly outpacing the national average of 82.5% [2][4][10] - The Sun Belt region dominates the list of metros with the highest luxury home price growth, with eight out of the ten fastest-growing areas located there [10][11] - New York has seen the slowest growth in luxury home prices, with only a 15.4% increase over the past decade, highlighting a shift in high-end homebuyer preferences towards the Sun Belt [4][11][14] Summary by Category Luxury Home Price Growth - West Palm Beach leads with a median luxury home price of $4,039,354, marking a 187.3% increase since 2015 [3][4] - Other notable metros include Nashville (171%), Phoenix (165.7%), Las Vegas (161%), and Miami (148%) [10][11] Market Dynamics - The luxury market is expanding beyond traditional coastal cities, with high-end wealth increasingly distributed across the Sun Belt [11] - Wealthy buyers are attracted to South Florida due to its no-income-tax structure and the rise of remote work, allowing relocation from high-tax states [8][9] Comparative Analysis - New York's luxury market has struggled, with a mere 15.4% growth over the past decade, contrasting sharply with the rapid increases seen in Sun Belt cities [4][14] - San Francisco remains the most expensive luxury market, with a median price of $6,439,094, despite slower growth of 57.8% since 2015 [15] Market Trends - The luxury home market in West Palm Beach has shown consistent strength, with a 105% increase over the past five years, making it the second-fastest growing metro after Miami [7] - The shift in buyer demographics and preferences is reshaping the luxury real estate landscape, with significant implications for future market trends [11][14]