Luxury Real Estate Market Report

The Palm Springs real estate market continues to heat up, with home prices on the rise and inventory dwindling, signaling a strong seller’s market that could lead to further price increases in the coming weeks.

Calgary’s housing market is beginning to shift away from the intense sellers’ conditions of spring, as easing sales and an increase in supply signal a gradual move towards more balanced conditions, according to a recent report from CREB.

Despite market adjustments, the demand for luxury properties remains steady signaling an optimistic second half ahead for the 2024 luxury real estate market, according to recent reports.

For the fifth month in a row, median price of luxury single-family homes has increased, reaching the highest median price since September 2023.

Home prices in Naples, Florida increased year-over-year, according to a Market Report for Naples, Florida from Achieve Realty.  

Both the median sale price and the average sale price increased year-over-year for the Highlands, NC residential real estate market in June 2024. 

Sunny locations attracted the most luxury buyers in 2023, according to findings from Knight Frank’s Prime International Residential Index, and outlined in their 2024 Wealth Report. 

According to Knight Frank’s 2024 Wealth Report, despite higher interest rates throughout 2023, most luxury real estate markets across the globe were quick to recover with the Philippines capital, Manila, experiencing the largest annual price increases.

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Luxury goods and services cost more in Singapore according to the Julius Baer Global Wealth And Lifestyle Report 2024. 

May 2024 was a healthy month for the Oahu luxury real estate market.

Miami has been predicted as the top location in America for luxury home buyers in 2024 according to Knight Frank’s 2024 Wealth Report. 

The luxury real estate market in Beverly Hills has had an active year with multiple year-over-year increases.

Though luxury sales in Manhattan, as well as inventory, decreased compared to March 2023, both the number of days on market and price per square foot increased year-over-year, according to a Corcoran report for Manhattan $5M+ Luxury Sales for March 2024.

Home sales in the luxury real estate market are expected to increase throughout 2024 according to Coldwell Banker Global Luxury’s Trend Report. 

While challenges of higher interest rates and lower listing inventory continue to affect luxury real estate markets across the globe, the majority of Christie’s International Real Estate affiliates look at the 2024 market with “opportunity and optimism”.

Home buyers will have more options as more inventory becomes available for home buyers across the United States compared to last year with Denver, Colorado experiencing the highest year-over-year jump in new listings for January 2024, according to the recent Realtor.com report. 

Wealthy buyers showed continued interest in ultra-luxury real estate in America throughout 2023 as annual sales volumes increased in several markets year-over-year with the highest annual increase in Palm Springs, according to the 2023 Ultra-Luxury Report from Compass.