The Latest on the Luxury Home Market

The Latest on the Luxury Home Market

Luxury living goes beyond breathtaking views and state-of-the-art smart home technology—it's about enhancing your lifestyle. If you're considering a million-dollar home, now is an ideal time to explore the flourishing luxury market. Here’s why.

The Number of Luxury Homes Is Growing

The top of the market, or luxury homes, can vary depending on your location. Generally, these are properties in the top 5% of the price range in any given area. According to a recent report from Redfin, the average value of luxury homes has now surpassed 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.”

The same report reveals that the percentage of homes valued at one million dollars or more has reached an all-time high (see graph below):

That means if this is your desired price range, you have plenty of options, each offering different features and styles.

Whether you’re seeking modern kitchens with high-end appliances, exclusive amenities, or enhanced privacy and security, the luxury market catering to this lifestyle is expanding.

Your Luxury Home Is an Investment

In addition, owning a luxury home could help you build significant long-term wealth. As the Redfin report mentioned earlier highlights, luxury home prices are on the rise. This may explain why many are currently investing in high-end real estate. 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.”

Bottom Line

With more million-dollar homes on the market and prices rising, you have a variety of luxury options to choose from, along with the opportunity to build significant long-term wealth. Want to explore the best homes in our area? Let’s get in touch today!