What's New in 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 in the market for a million-dollar home, now is a prime opportunity to explore the booming luxury market. Here’s why.

The Number of Luxury Homes Is Growing

A Growing Number of Luxury Homes What defines a luxury home can vary by location, but generally, these are properties within the top 5% price range in any given area. According to a recent Redfin report, the average value of these homes has climbed above the million-dollar mark:

'The median sale price for U.S. luxury homes, classified as the top 5% of listings, increased by 9% year-over-year, reaching a record $1.18 million during the second quarter.'

The same report also highlights that the percentage of homes valued at a million dollars or more has reached an all-time high (see graph below).

This means if you're in this price range, you’ll find a variety of options, each offering unique features and styles.

Whether you're seeking cutting-edge designs like modern kitchens with top-tier appliances, exclusive amenities, or increased privacy and security, the luxury market catering to this lifestyle is expanding.

Your Luxury Home Is an Investment

Your Luxury Home Is an Investment A luxury home can also be a powerful tool for building long-term wealth. As mentioned earlier, luxury home prices are on the rise, which may explain why so many are investing in this market. According to the August Luxury Market Report:

“By the end of July, the total sales volume growth in 2024 reached 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 available and prices increasing, you have the chance to find a luxury property that suits your needs while also building long-term wealth. Interested in seeing the best luxury homes in your area? Contact a local real estate agent today.