If you’ve been thinking about selling, you’ve probably seen plenty of headlines suggesting buyers have just about disappeared. But there’s a big difference between a slow market
The Latest on the Luxury Home Market
Dated: September 5 2024
Views: 38
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):
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.
Christopher Bravata
I've dedicated my real estate career with connections to our "Heroes". Who are our Heroes? Those in the professions of the US Military, Police, Fire, Education, Medical, and Social Services, who self....
Latest Blog Posts
If the first half of this year has left you feeling stuck, you’re not the only one. Mortgage rates stayed higher than people wanted. Affordability remained tight. And uncertainty overseas
Buying or selling a home is a big financial decision. And right now, it feels even bigger. Inflation is high, costs are high, and you want to be sure the timing is right before you make your move.
Saving for a down payment can feel like the hardest part of buying a home. And with affordability as tight as it’s been lately, it’s fair to wonder how anyone manages it right now. Here
Based on information from California Regional Multiple Listing Service, Inc. as of September 27, 2026 5:06 AM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
