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Listen "1391 - High-End Homes Hit Peak Prices as Luxury Investors Scramble for Better Deals by Moriah Costa"
Episode Synopsis
Home prices are rising across the country, but luxury home prices are skyrocketing. According to data from Redfin, luxury home prices rose twice as fast as non-luxury homes in the first quarter of 2024.
But even as prices jumped, sales are still rising, even as prices for non-luxury homes have declined. The median-priced luxury home sold for a record $1.225 million in the first quarter of 2024, up 8.7% year over year. At the same time, sales of luxury homes were up 2%, compared to a decline of 4% in non-luxury homes, which sold at an also-record median of $345,000.
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But even as prices jumped, sales are still rising, even as prices for non-luxury homes have declined. The median-priced luxury home sold for a record $1.225 million in the first quarter of 2024, up 8.7% year over year. At the same time, sales of luxury homes were up 2%, compared to a decline of 4% in non-luxury homes, which sold at an also-record median of $345,000.
Learn more about your ad choices. Visit megaphone.fm/adchoices
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