Luxury home prices in the first quarter rose 9% year over year, twice as fast as non-luxury prices, according to Redfin. Sales of luxury homes rose 2%, while non-luxury home sales were down 4%.
Since luxury buyers are typically undeterred by elevated mortgage rates, a record 47% of luxury homes were bought in cash at the start of 2024.
Nationwide, the median-priced U.S. luxury home sold for a record $1,225,000 in Q1, up 8.7% from a year earlier.
Here are the 10 most expensive home sales in Q1 2024 per Redfin:
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Miami, FL (Surfside): $48M
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Seattle, WA (Medina): $38.9M
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Los Angeles, CA (Malibu): $38.5M
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Glenwood Springs, CO (Aspen): $37M
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Santa Maria, CA (Santa Barbara): $36.8
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Hilton Head Island, SC (Yemassee): $35M
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Glenwood Springs, CO (Aspen): $33.5M
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West Palm Beach, FL (Lantana): $32.5M
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Santa Maria, CA (Santa Barbara): $32M
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Nashville, TN (Nashville):$32M
Miami Market
With steady sales growth, moderate price gains, and relatively fast sales, Miami's luxury housing market established a new normal as it kicked off 2024 on a strong note. Despite the national housing market's challenging situation, prices performed well, closing at an all-time high with luxury properties selling within two-three months of being listed. As our expert condo analytics show, luxury condo prices are not going down in Miami anytime soon. This indicates great market health and consistent buyer demand as our sunny shores expand to welcome more homeowners.
In our neighborhood-by-neighborhood Miami condo market analysis
- Coconut Grove & Coral Gables (collectively) emerged as the most popular market for luxury condo buyers in Q1 2024 closing with the highest year-over-year increase in sales (16%).
- Fisher Island maintained its status quo as the most expensive zip code in Miami with a price of $1,839 per square foot.
- And Downtown Miami continued as the best entry point into Miami's luxury condo market with the lowest price per square foot of all the neighborhoods under review ($790).
Finally, Miami real estate market trends showed inventory went up to 20 months for this quarter.
But, does that mean Miami's luxury condo market closed as a balanced market or is inching its way towards giving buyers the advantage?
Stay tuned...