Luxury home prices reached an all-time record of $1.225m in Q1 2024, with a 9% year-over-year increase.
Luxury home prices hit an all-time record, with the median price of luxury homes reaching $1.225m in Q1 2024, marking a 9% year-over-year increase. Luxury home sales rose by 2.1%, while non-luxury home sales declined by 4.2%. This growth is attributed to high-interest rates and a supply issue, as most homebuyers find prices out of reach, while affluent buyers, who tend to pay in cash, are less affected by high rates.
April 22, 2024
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