The Latest on the Luxury Home Market

<article class="post-1183108 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1183108"><span class="entry-date">September 5, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Latest on the Luxury Home Market</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Latest+on+the+Luxury+Home+Market&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-latest-on-the-luxury-home-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="The Latest on the Luxury Home Market Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240904/20240905-The-Latest-on-the-Luxury-Home-Market-original.png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>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.</p>
<h4><strong>The Number of Luxury Homes Is Growing</strong></h4>
<p>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 <a href="https://www.wsj.com/real-estate/million-dollar-homes-in-america-5f2b4f04" rel="noopener noreferrer" target="_blank">report</a> from <em>Redfin</em>, the average value of those homes has risen to over one million dollars:</p>
<blockquote><p><em>“The median sale price for U.S. luxury homes, defined as the top 5% of listings, rose 9% year-over-year to a record </em><strong><em>$1.18 million</em></strong><em> during the second quarter.”</em></p></blockquote>
<p>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 (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240904/20240905-There-Are-More-Million-Dollar-Homes-than-Ever-original.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240904/20240905-There-Are-More-Million-Dollar-Homes-than-Ever-original.png"/></a>That means, if this is your desired price range, you have options <a href="https://www.simplifyingthemarket.com/2024/08/12/are-there-more-homes-for-sale-where-you-live/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">to choose from</a>, each with different features and styles.</p>
<p>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.</p>
<h4><strong>Your Luxury Home Is an Investment</strong></h4>
<p>In addition, a luxury home could help you build significant long-term wealth.<em> </em>As the <em>Redfin </em>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. <a href="https://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica.pdf" rel="noopener noreferrer" target="_blank">According</a> to the August <em>Luxury Market Report</em>:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<h3>Bottom Line</h3>
<p>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 your area? Get in touch with a local <a href="https://www.simplifyingthemarket.com/2024/08/20/how-to-choose-a-great-local-real-estate-agent/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">real estate agent</a> today.</p>
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