August 2024 Luxury Market Report

 

The Institute for Luxury Home Marketing’s August 2024 Luxury Market Report serves as your guide for analyzing trends in the luxury real estate market. This report is produced monthly by The Institute for Luxury Home Marketing. Therefore, the ILHM report provides a timely and in-depth look at the top luxury residential markets across the United States and Canada.

 

The August report covers several statistics for both Single-Family Homes and Attached Homes such as:

 

• New Listings
• Total Sold
• Sales Ratio

 

Single-Family Homes August 2024 Luxury Market Summary:

 

• Continuing the recent trend, inventory is increasing.
• The Official Market Type is still a Seller’s Market, and the Total Sales Ratio currently sits at 27.80%
• Looking at the median luxury threshold price, the ILHM reports it is $912,500. However, the median luxury home sales price rose to $1,318,750.
• Average Days on Market has increased by 6, from 16 to 22; still reflecting strong demand for luxury properties.

Attached Homes August 2024 Luxury Market Summary:

 

• In line with single-family homes, inventory is increasing for attached homes.
• The Official Market Type has now become a Balanced Market with Total Sales Ratio at 4.21%.
• Looking at the median luxury threshold price, the ILHM reports it is $700,000. However, in line with single-family homes, the median luxury home sales price rose to $880,000.
• Average Days on Market has increased by 4, from 18 to 22, matching the days on market for single-family homes..

Inventory is in the Spotlight in the August 2024 Luxury Market Report

 

The ILHM reports that an important in the numbers is the inventory entering the market. Today’s luxury buyers are increasingly more discerning than ever before, and they have specific standards that drive their buying interests. As a result, luxury properties must embody these interests, including:

 

• Exclusivity
• Innovative Amenities
• Sustainable Living
• Impeccable Craftsmanship
• Elevated Living Experience

The appeal of a luxury property truly resides in the luxury lifestyle that it represents. Luxury buyers are seeking all of these factors, so properties must meet buyer’s expectations or the seller will need to make adjustments.

 

CLICK HERE TO SEE THE INSTITUTE’S FULL AUGUST 2024 REPORT

 

If you are a luxury buyer, you should work with a qualified luxury property specialist. Agents who have luxury property expertise are absolutely essential for luxury real estate buyers and sellers.

 

Top-tier luxury agents should have an in-depth knowledge of the local luxury market, including a thorough grasp of upscale properties. It is vital that they master key property details, from design elements to the upkeep of unique decor and features. Seek out an agent who demonstrates exceptional expertise and has a significant, relevant background in the luxury real estate sector.

 

Are you ready to get exclusive insights into the upper-tier luxury real estate market? You can join one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!

 

Choose a Qualified Luxury Real Estate Agent

 

When you choose to work with me, you’re securing the guidance of a seasoned professional who understands the complexities of the local luxury real estate market. With a strong background and practical experience, I’m here to support you in finding, buying, or selling high-end properties. My approach is rooted in putting clients first, ensuring they navigate their real estate journey with complete confidence and peace of mind at every stage.

 

Certifications and designations:

 

• Certified Luxury Home Marketing Specialist (CLHMS)
• KW Relocation Specialist
• Military Relocation Professional (MRP)
• Graduate REALTOR® Institute (GRI)
• Resort & Second-Home Property Specialist (RSPS)
• Master of Real Estate Society, Arizona Association of REALTORS®
• Certified Risk Management Specialist (CRMS)
• Professional Standards Committee, Hearing Panel for Arizona Association of REALTORS®
• Keller Concierge Certified, Ready-to-Sell Program
• Senior Real Estate Specialist (SRES)