Luxury Home Sales Increasing Thanks to U.S. Stock Market
Luxury home sales across the United States are improving in the first half of 2024 thanks to a well-performing stock market.
According to Brown Harris Stevens CEO, Bess Freedman, the first half of 2024 has been a much better year for the luxury real estate market thanks to a well-performing stock market, as noted in a recent interview with CNBC.
Freedman explained that 2023 was the weakest housing market since 1995 due to the possibilities of recession, ongoing inflation, and higher mortgage rates, while 2024 has been a much more optimistic year for luxury home sales.
In fact, luxury home sales of $100M+ homes are on track to double from last year with 6 already sold in 2024, compared to the record of 9 in 2021. Sales of $5M+ homes increased 13% in June compared to this time last year. Aspen, San Francisco, New York City, Miami, and Palm Beach are leading the way in luxury home sales in the first half of 2024.
Freedman notes that while the upper end of the real estate market is more focused on the stock market and what is happening globally, the upcoming elections will be a main factor in dictating possible market slowdowns.