Despite market adjustments, the demand for luxury properties remains steady signaling an optimistic second half ahead for the 2024 luxury real estate market, according to recent reports.
Home prices in Naples, Florida increased year-over-year, according to a Market Report for Naples, Florida from Achieve Realty.
Both the median sale price and the average sale price increased year-over-year for the Highlands, NC residential real estate market in June 2024.
According to Knight Frank’s 2024 Wealth Report, despite higher interest rates throughout 2023, most luxury real estate markets across the globe were quick to recover with the Philippines capital, Manila, experiencing the largest annual price increases.
Luxury goods and services cost more in Singapore according to the Julius Baer Global Wealth And Lifestyle Report 2024.
Miami has been predicted as the top location in America for luxury home buyers in 2024 according to Knight Frank’s 2024 Wealth Report.
The luxury real estate market in Beverly Hills has had an active year with multiple year-over-year increases.
Though luxury sales in Manhattan, as well as inventory, decreased compared to March 2023, both the number of days on market and price per square foot increased year-over-year, according to a Corcoran report for Manhattan $5M+ Luxury Sales for March 2024.
Home sales in the luxury real estate market are expected to increase throughout 2024 according to Coldwell Banker Global Luxury’s Trend Report.
While challenges of higher interest rates and lower listing inventory continue to affect luxury real estate markets across the globe, the majority of Christie’s International Real Estate affiliates look at the 2024 market with “opportunity and optimism”.