The Institute for Luxury Home Marketing’s February 2024 Luxury Market Report serves as your guide for analyzing trends in the luxury real estate market. ILHM produces this report monthly, and it provides a detailed view of the top luxury residential markets in the United States as well as Canada.
The report for February includes several statistics such as:
- Price per Square Foot
- Days on Market
- Sales Price vs List Price
- Total Inventory
- New Listings
- Price per Square Foot
To say that the high-end market has seen a dramatic growth over the last few years is probably an understatement. The recognition of its impact and undeniable influence, through emerging trends and architectural innovations, on the broader real estate landscape has been equally significant.
As we step into 2024, the luxury market now stands at another fascinating juncture. This sector, known for its resilience and capacity to set trends, experienced a notable positive shift towards the end of 2023. After a period of stagnation driven by economic uncertainties, the market saw a resurgence in activity, marking a pivotal moment for affluent investors and luxury property enthusiasts
The luxury real estate market landscape began to shift in the last quarter of 2023. As indicators of economic stabilization became more apparent, confidence returned to the luxury real estate market. This confidence was mirrored in increased inventory levels and a subsequent rise in sales, surpassing figures from the same period in 2022.
February 2024 Luxury Market Report: A Market Still Evolving
Early statistics from January 2024, based on the 155 markets researched by The Institute, suggest that this positive trend is continuing. Not only is it continuing, but it also has the potential to accelerate, particularly in the single-family luxury market. Indicators point to a robust spring market that could potentially outperform the previous year.
Positive Influences in the February 2024 Luxury Market Report
The luxury real estate market in 2024 is set to benefit from a confluence of positive factors. A stabilized economy provides a solid foundation for growth. Additionally, technological advancements and a shift towards sustainable living are reshaping consumer expectations.
Luxury properties that offer state-of-the-art amenities, energy efficiency, and innovative design are in high demand, reflecting a broader societal shift towards sustainability and wellness.
Moreover, the luxury market is expanding beyond traditional hotspots to include emerging destinations that offer unique lifestyle opportunities. As a result, this geographical diversification is creating new investment opportunities and attracting a broader spectrum of affluent buyers, further stimulating the market.
CLICK HERE TO SEE THE INSTITUTE’S FULL FEBRUARY 2024 REPORT
New! Scottsdale, Arizona Luxury Market Report!
The Institute for Luxury Home Marketing is now publishing a report for the Scottsdale, Arizona luxury real estate market. Additionally, the report includes data and market summaries for both single-family homes and attached homes (condominiums).
Single-Family Luxury Homes in Scottsdale
- The Scottsdale single-family luxury market is a Buyer’s Market with a 12% Sales Ratio.
- Homes sold for a median of 96.73% of list price in January 2024.
- The most active price band is $1,200,000-$1,249,999, where the sales ratio is 39%.
- The median luxury sales price for single-family homes is $1,700,000.
- The median days on market for January 2024 was 64 days, down from 68 in January 2023.
Attached Luxury Homes in Scottsdale
- The Scottsdale attached luxury market is a Balanced Market with a 19% Sales Ratio.
- Homes sold for a median of 97.35% of list price in January 2024.
- The most active price band is $1,100,000-$1,199,999, where the sales ratio is 50%.
- The median luxury sales price for attached homes is $835,000.
- The median days on market for January 2024 was 56 days, up from 47 in January 2023.
CLICK HERE TO SEE THE SCOTTSDALE FEBRUARY 2024 REPORT
Luxury real estate buyers and sellers should always work with a qualified luxury property specialist. Look for a real estate agent who is well versed in the local market. They should have significant knowledge of luxury homes including the details of the properties. Expert knowledge and significant, relevant experience are imperative for agents in the luxury property real estate market.
Get exclusive insights into the upper-tier real estate market. Join one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!
Choose a Qualified Luxury Real Estate Agent
My experience with luxury properties will help you as you look to buy or sell in this unique market. I have significant knowledge, experience, and a wealth of qualifications in luxury home marketing. My goal is to provide you with peace of mind and full assurance throughout the buying or selling process.
Certifications and designations include all of the following, and more:
- Certified Luxury Home Marketing Specialist (CLHMS)
- Graduate REALTOR® Institute (GRI)
- Military Relocation Professional (MRP)
- KW Relocation Specialist
- Certified Risk Management Specialist (CRMS)
- Resort & Second-Home Property Specialist (RSPS)
- Professional Standards Committee, Hearing Panel for Arizona Association of REALTORS®
- Master of Real Estate Society, Arizona Association of REALTORS®
- Keller Concierge Certified, Ready-to-Sell Program
- Senior Real Estate Specialist (SRES)
Call me for a complimentary consultation: 480-788-5446