T
he luxury housing market experienced a slowdown in April, with fewer high-end homes being listed for sale due to financial volatility. According to Zillow's report, 12% fewer luxury homes went under contract in April compared to March, a surprising trend given the typical spring increase in home sales.

    In contrast, last year's data showed that 10% more luxury homes went under contract in April than in the previous month. New luxury listings also declined by 5% from March and were down 3.4% year-over-year.

    A luxury residence is typically a high-value property, defined as one of the top 5% most valuable homes in any given region. These properties are often around 3,500 square feet and situated on large plots of land. The average value of a luxury home nationwide is estimated to be $1.8 million, although prices vary widely depending on location.

    Among the 50 largest US metro areas, San Jose has the most expensive luxury market, with an average value of $5.9 million. Los Angeles follows closely at $5.1 million, while Buffalo has the least expensive luxury market at $835,000.

    The hottest luxury markets in the country include Cincinnati, where prices have risen 7.3% over the past year; Columbus, Ohio, at 6.8%; and Chicago at 6.3%. Conversely, Austin's luxury market declined by 2.1%, while Tampa experienced a 1.7% reduction and Miami saw a 0.5% drop.

    Nationwide, Zillow found that typical luxury homes are valued about five times the price of mid-market residences. The largest gap between luxury and mid-market homes was in Miami, where the average luxury home is worth $4.6 million, nearly nine times higher than the typical mid-market home. New York City had the second-largest gap at 5.6 times, while Austin trailed closely behind with a gap of 5.5 times.