The Institute for Luxury Home Marketing’s March 2024 Luxury Market Report serves as your guide for analyzing trends in the luxury real estate market. Produced monthly by The Institute for Luxury Home Marketing, this report provides an in-depth look at the top luxury residential markets across the United States and Canada.
The March report covers several statistics for both Single-Family Homes and Attached Homes such as:
- Sales Ratio
- Days on Market
- Sales Price vs List Price
Single-Family Homes March 2024 Luxury Market Summary:
- Official Market Type: Seller’s Market with a 22.07% Sales Ratio.
- Homes are selling for an average of 98.11% of list price.
- The median luxury threshold price is $925,000, and the median luxury home sales price is $1,325,000.
- Markets with the Highest Median Sales Price: Telluride ($5,710,000), Vail ($5,000,000), Park City ($4,375,000), and Naples ($4,175,000).
- Markets with the Highest Sales Ratio: East Bay (105.1%), St. Louis (71.2%), Seattle (66.0%), and Calgary (63.7%).
Attached Homes March 2024 Luxury Market Summary:
- Official Market Type: Balanced Market with a 17.55% Sales Ratio.
- Attached homes are selling for an average of 98.77% of list price.
- The median luxury threshold price is $700,000, and the median attached luxury sale price is $989,250.
- Markets with the Highest Median Sales Price: Vail ($3,685,000), Manhattan ($3,625,000), Naples ($2,400,000), and San Francisco ($2,375,000).
- Markets with the Highest Sales Ratio: Howard County, MD (207.7%), Arlington & Alexandria (108.5%), Fairfax County, VA (108.0%), and Montgomery County, MD (88.1%).
March 2024 Luxury Market Report: Locations in Demand
The migration of high-power companies to new locations away from major metropolitan cities throughout North America during COVID is still very much a factor in attracting new affluent buyers. According to Sotheby’s International Realty report, the rise of tech hubs in cities such as Houston, Miami, Phoenix, San Diego, Charlotte, Boston, and Tampa saw double-digit growth in salaries over the past year, which will certainly remain a strong enticement.
Property Types in Demand in the March 2024 Luxury Market Report
Demand for very specific property types will also bring change to the luxury market, as the wealthy not only seek the right location but also homes with amenities that equally meet their practical needs and “must-have” requirements. One trend that was on the uptick prior to the arrival of the pandemic was the demand for hotel-style living in private residences. We should expect to see the demand for branded residences return.
CLICK HERE TO SEE THE INSTITUTE’S FULL MARCH 2024 REPORT
Working with a qualified luxury property specialist is of primary importance for luxury real estate buyers and sellers.
Luxury Agents should have extensive experience with the local market, including a significant knowledge of luxury homes. They should understand all of the important details of the properties, from finishes to care of unique furnishings and fixtures. Look for an Agent who demonstrates expert knowledge and significant, relevant experience in the luxury property real estate market.
Ready to get exclusive insights into the upper-tier real estate market? You can join one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!
Working with a Qualified Luxury Real Estate Agent
Working with a Qualified Luxury Real Estate Agent
When you work with me, you will have an expert in the local luxury real estate market by your side. I have the qualifications and the experience to help you look, buy, or sell luxury real estate. My focus is always on my clients, to provide them with full assurance and peace of mind throughout their entire real estate journey.
The certifications and designations I hold 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 today for a complimentary review of the March 2024 Luxury Market Report and consultation: 480-788-5446