The Institute for Luxury Home Marketing’s May 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 May report covers several statistics for both Single-Family Homes and Attached Homes such as:
- Days on Market
- Sales Ratio
- Sales Price vs List Price
Single-Family Homes May 2024 Luxury Market Summary:
- Inventory has increased.
- Official Market Type is a Seller’s Market with Total Sales Ratio at 30.24%.
- The median luxury list price is $1,536,225, and the median luxury home sales price is $1,251,700.
- Average Days on Market has increased by 2.
Attached Homes May 2024 Luxury Market Summary:
- Inventory has increased.
- Official Market Type is a Seller’s Market with Total Sales Ratio at 24.38%.
- The median luxury list price is $995,000, and the median luxury home sales price is $858,000.
- Average Days on Market has increased by 3.
Curated Luxury Lifestyle in Demand in the May 2024 Luxury Market Report
A major trend in luxury real estate is the concept of a curated luxury lifestyle. As a result, this growing trend in personal goods is impacting not only fashion, but luxury real estate as well. Future luxury homes may offer extensive personalization options, similar to how fashion houses offer full customization.
CLICK HERE TO SEE THE INSTITUTE’S FULL MAY 2024 REPORT
Working with a qualified luxury property specialist is absolutely essential for luxury real estate buyers and sellers.
High-end luxury agents ought to possess substantial familiarity with the local luxury market, encompassing a full understanding of upscale residences. Mastery of crucial property intricacies, ranging from aesthetics to the maintenance of distinctive decor and fittings, is essential. Look for an agent who showcases adept expertise and has a noteworthy, applicable background in the realm of luxury real estate.
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!
Working with a Qualified Luxury Real Estate Agent
Partnering with me ensures you’ll have an experienced professional navigating the intricate landscape of the local luxury real estate scene. Equipped with both credentials and hands-on expertise, I stand ready to assist you in searching, purchasing, or selling high-end properties. Central to my approach is prioritizing clients. As a result, I can ensure they embark on their real estate journey with absolute confidence and peace of mind every step of the way.
The certifications and designations I hold include all of the following, and more:
- Certified Luxury Home Marketing Specialist (CLHMS)
- Military Relocation Professional (MRP)
- Graduate REALTOR® Institute (GRI)
- KW Relocation Specialist
- Resort & Second-Home Property Specialist (RSPS)
- Certified Risk Management Specialist (CRMS)
- 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 May 2024 Luxury Market Report and consultation: 480-788-5446