Miami to Lead America in Luxury Home Price Growth for 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.
According to the report, Miami also had the highest percentage in price increases across America in 2023 with luxury home prices growing 6.5% year-over-year. This year the Wealth Report predicts Miami to continue the trend as the best-performing luxury real estate market across the U.S. in 2024, with an overall expected price growth of 4%. Next is New York with expected price growth of 2%, followed by Los Angeles with a 1% growth for 2024.
Also noted in the report by Knight Frank is an increase in UHNW individuals (those worth $30 million or more) by 4.2% across the globe in 2023, with the highest increases in North America and the Middle East. Furthermore, out of the 626,619 people in this UHNWI group, 22% plan on investing in residential real estate in 2024, and 19% in commercial property.
“As wealth portfolios recovered in 2023, affluent buyers targeted residential property in the world’s luxury markets,” said Liam Bailey, global head of research at Knight Frank. “While 24% of global UHNWIs were active in the market, inventory was down by almost a third, adding upwards pressure to prices.”
Overall, Southern Florida continues to attract ultra-rich like Jeff Bezos and Ken Griffin with its attractive warm climate and lower state taxes. Though sales have slowed with higher interest rates, prices have held strong across the region.
SOURCES:
The Wealth Report – KnightFrank.com