The Latest on the Luxury Home Market
Market and Economics Nick Melzer, JD September 11, 2024
Market and Economics Nick Melzer, JD September 11, 2024
Luxury living is about more than just stunning views and cutting-edge smart home technology—it's about elevating your lifestyle. And if you're in the market for a million-dollar home, now is an excellent time to explore the thriving luxury market. Here's why.
The top of the market, or luxury homes, can mean different things depending on where you live. But in general, these are homes that are in the top 5% price range in any area. According to a recent report from Redfin, the average value of those homes has risen to over one million dollars:
“The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record $1.18 million during the second quarter.”
That same report goes on to show the percentage of homes valued at a million dollars or more has risen to an all-time high (see graph below):
That means, if this is your desired price range, you have options to choose from, each with different features and styles.
Whether you're looking for the latest designs, like modern kitchens with high-end appliances, exclusive amenities, or enhanced privacy and security, the market that fits this lifestyle is growing.
In addition, a luxury home could help you build significant long-term wealth. As the Redfin quote mentioned earlier says, luxury home prices are rising. That may be the reason there are a lot of people investing in luxury real estate right now. According to the August Luxury Market Report:
“By the end of July, the overall growth in the volume of sales in 2024 stood at 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.”
With more million-dollar homes on the market and prices going up, you have luxury options to choose from and a chance to build significant long-term wealth. Want to see the best homes in our area? Let’s get in touch today.
Real Estate 4-1-1
Market and Economics
The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry … Read more
Market and Economics
If you want to sell your house, having the right strategies and expectations is key. But some sellers haven’t adjusted to where the market is today. They’re not factor… Read more
Market and Economics
Over the past few years, home prices skyrocketed. That’s been frustrating for buyers, leaving many wondering if they’d ever get a shot at owning a home. But here’s som… Read more
Market and Economics
This could be the year to sell your house – and here’s why. According to a recent NerdWallet survey, 15% of people are planning to buy a home this year.
Market and Economics
Have you been wondering whether you should keep renting or finally make the leap into homeownership? It’s a big decision, and let’s be real — renting can feel like the… Read more
Real Estate 4-1-1
A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expen… Read more
Real Estate 4-1-1
There’s no denying affordability is tough right now. But that doesn’t mean you have to put your plans to buy a home on the back burner. If you’re willing to roll up y… Read more
Real Estate 4-1-1
There’s one big mistake you need to avoid when you sell your house this year: setting your price too high. It might seem like overpricing gives you room to negotiate o… Read more
As a former attorney, he knows what it means to represent a client zealously, competently, loyally, and with their best interests at heart and he firmly believes that everybody deserves that type of service from their real estate agent too.