Blog Post

September 5, 2024
Airs live on YouTube
September 5, 2024

The Latest on the Luxury Home Market

Education

Coming Soon

Follow us on YouTube to watch live!
Video Transcript for
The Latest on the Luxury Home Market

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 Number of Luxury Homes Is Growing

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):

No Caption Received

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.

Your Luxury Home Is an Investment

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.”

Bottom Line

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.

RSS Feed
Featuring:

Source: Keeping Current Matters

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Keeping Current Matters is a trademark of Keeping Current Matters, Inc. CrossCountry Mortgage, LLC; its subsidiaries; and its affiliates have not been authorized, sponsored, or otherwise approved by Keeping Current Matters, Inc. or any of the above-mentioned companies.

Additional Resources

A picture from mortgage university
Watch Now:
Read More:
Why Moving to a Smaller Home After Retirement Makes Life Easier
During retirement, it's important to think about whether your current home still fits your needs.
A picture from mortgage university
Watch Now:
Read More:
The Price of Perfection: Don’t Wait for the Perfect Home
In life, patience is a virtue – but in the world of homebuying, waiting too long in hopes of finding the perfect home actually isn't wise.
A picture from mortgage university
Watch Now:
Read More:
Why Your Asking Price Matters Even More Right Now
The right asking price is even more important today than it’s been over the last few years.