Luxury Home Prices Spike 9% to All-Time High
Redfin reports that luxury home prices grew more than twice as fast as non-luxury homes in the second quarter
Redfin defines luxury homes as those estimated to be in the top
“The luxury market has withstood the havoc wreaked by high mortgage rates this year, thanks to an abundance of all-cash buyers,” said Redfin Senior Economist Sheharyar Bokhari. “Now that sales are stabilizing and more homes are being listed for sale, it’s unlikely that luxury prices will continue to grow at quite as high a rate.”
High-end buyers were less likely to be impacted by the rate lock-in effect and uncertainty around the direction of mortgage rates, which sat above
Luxury home sales stay positive as non-luxury sales fall
The number of luxury homes sold in the second quarter was virtually unchanged from a year earlier, ticking up by
“There is still strong demand for well-priced, high-end properties, especially those which are presented beautifully and move-in ready,” said Crystal Zschirnt, a Redfin Premier agent in
Even though the overall market is seeing far less activity than it did pre-pandemic—in large part due to an ongoing supply shortage—the luxury market has made up more ground since. Compared to the second quarter of 2019, luxury sales were down
Luxury home inventory grows to highest level in 3 years
Luxury inventory rose
The number of new listings of luxury homes increased
Luxury and non-luxury homes sitting longer on market
With inventory increasing, luxury homes stayed on the market a median 40 days—two days longer than a year earlier. Non-luxury homes also took longer to sell—a median 31 days—up from 28 days last year.
“We are seeing luxury homes selling within 30-45 days, but that’s a lot longer than in 2022 when they were flying off the shelf,” said Juan Castro, a Redfin Premier agent in
Metro-Level Luxury Highlights: Q2 2024
Redfin’s metro-level luxury data includes the 50 most populous
-
Prices: The median sale price of luxury homes rose most in
Providence, RI (16.5% increase to ),$1,395,000 San Jose, CA (16.4% increase to ) and$4,830,000 Nassau County, NY (14.3% increase to ). It fell in just two metros, in$2,572,500 New York (-3.2% to ) and$3,200,000 Austin, TX (-1.5% to ).$1,650,000 -
Sales: Luxury home sales increased most in
Nashville, TN , (20.4% ),Tampa, FL (14.3% ) andSeattle (13.9% ). They decreased most inNewark, NJ (-20.1% ),Baltimore, MD (-15.5% ) andIndianapolis, IN (-12.4% ). -
Active listings: The total number of luxury homes for sale increased most in
Tampa, FL (29.6% ),Jacksonville, FL (28.9% ) andSan Antonio, TX (26.6% ). Total inventory fell the most inNewark, NJ (-16% ),Chicago (-9.8% ) andAtlanta (-6.2% ). -
New listings: New listings of luxury homes increased most in
Providence, RI (31.5% ),Miami (28.1% ) andTampa, FL (27.6% ). New listings fell in 11 metros, with the biggest declines inNewark, NJ (-18.3% ),San Francisco (-15.4% ) andChicago (-8.9% ). -
Speed of sales: Luxury homes sold fastest in
Seattle with a median of six days, whileDetroit ,San Jose, CA andIndianapolis, IN all recorded a median of 10 days. They sold slowest inMiami (114 days),West Palm Beach, FL (108) andNassau County, NY (81).
10 Most Expensive
-
Glenwood Springs, CO (Aspen ):$77M -
Glenwood Springs, CO (Aspen ):$66.5M -
Los Angeles, CA :$62.8M -
Miami, FL (Miami Beach ):$62.5M -
Glenwood Springs, CO (Aspen ):$59M -
West Palm Beach, FL (Palm Beach ):$51.3M -
West Palm Beach, FL (Highland Beach )$50M -
West Palm Beach, FL (Palm Beach ):$49.6M -
Glenwood Springs, CO (Aspen ):$48.8M -
Glenwood Springs, CO (Woody Creek ):$46M
To view the full report, including charts, methodology and additional metro data, please visit: https://www.redfin.com/news/q2-2024-luxury-report
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725206013/en/
Redfin Journalist Services:
Angela Cherry
press@redfin.com
Source: Redfin