{"id":78270,"date":"2024-07-25T05:30:47","date_gmt":"2024-07-25T12:30:47","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78270"},"modified":"2024-07-24T20:10:36","modified_gmt":"2024-07-25T03:10:36","slug":"q2-2024-luxury-report","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/q2-2024-luxury-report\/","title":{"rendered":"Luxury Home Prices Spike 9% to All-Time High"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Luxury home prices rose 8.8% year over year in the second quarter, more than twice as fast as non-luxury homes.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Luxury home sales grew 0.2%, while sales of non-luxury homes fell 3.4% to the lowest level in a decade.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Luxury homes sat on the market longer than a year ago, as inventory rose to the highest second-quarter level since 2021.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The typical U.S. luxury home sold for a record $1,180,000 in the second quarter, up 8.8% from a year earlier\u2014the biggest increase in nearly two years. Non-luxury home prices grew at less than half that pace, rising 3.8% to a record high median of $342,500.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-78271\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/2ZvYQ-luxury-prices-rise-more-than-twice-as-fast-as-non-luxury-e1721850302678.png\" alt=\"\" width=\"600\" height=\"427\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is according to an analysis that divided all U.S. residential properties into tiers based on <\/span><a href=\"https:\/\/redfin.com\/redfin-estimate\"><span style=\"font-weight: 400;\">Redfin Estimates<\/span><\/a><span style=\"font-weight: 400;\"> of the homes\u2019 market values as of June 2024. Redfin\u2019s price-tier data is calculated in rolling 3-month periods; the 3-month period in this report (April-June) coincides with the second quarter. This report defines luxury homes as those estimated to be in the top 5% of their respective metro area based on market value, and non-luxury homes as those estimated to be in the 35th-65th percentile based on market value. Data is subject to revision.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe luxury market has withstood the havoc wreaked by high mortgage rates this year, thanks to an abundance of all-cash buyers,\u201d <\/span><span style=\"font-weight: 400;\">said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><span style=\"font-weight: 400;\">. \u201c<\/span><\/a><span style=\"font-weight: 400;\">Now that sales are stabilizing and more homes are being listed for sale, it\u2019s unlikely that luxury prices will continue to grow at quite as high a rate.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">High-end buyers were less likely to be impacted by the rate <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-housing-2023\/\"><span style=\"font-weight: 400;\">lock-in effect<\/span><\/a><span style=\"font-weight: 400;\"> and uncertainty around the direction of mortgage rates, which sat above 7% for much of the quarter. They were also more likely to have benefited from a strong stock market and high levels of home equity. <\/span><span style=\"font-weight: 400;\">This spring, 43.7% of luxury homes sold were purchased with all cash, up from 43.2% a year earlier. <\/span><span style=\"font-weight: 400;\">(Note the all-cash data covers the three months ending in May, the most recent month for which all-cash data is available).\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Luxury home sales stay positive as non-luxury sales fall<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The number of luxury homes sold in the second quarter was virtually unchanged from a year earlier, ticking up by 0.2%, marking the third consecutive quarter of sales growth. Non-luxury home sales <\/span><i><span style=\"font-weight: 400;\">fell <\/span><\/i><span style=\"font-weight: 400;\">3.4% to the lowest second-quarter number in a decade.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-78276\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/OlkRu-luxury-sales-flat-as-non-luxury-sales-fall-e1721876718194.png\" alt=\"\" width=\"600\" height=\"427\" \/><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere is still strong demand for well-priced, high-end properties, especially those which are presented beautifully and move-in ready,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/crystal-zschirnt\"><span style=\"font-weight: 400;\">Crystal Zschirnt<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in Fort Worth, TX, where luxury home sales were up 9.7% year on year and typically sold four days faster than non-luxury homes. \u201cWe had a client recently list a property for $2.4 million that we ended up selling for $2.6 million. We are still seeing multiple offers in situations where a property is priced accurately, visually appealing and doesn\u2019t need any work.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though the overall market is seeing far less activity than it did pre-pandemic\u2014in large part due to an ongoing supply shortage\u2014the luxury market has made up more ground since. Compared to the second quarter of 2019, luxury sales were down 12.8%, while non-luxury sales were down 20.1%.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Luxury home inventory grows to highest level in 3 years<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Luxury inventory rose 9.7% year over year, the fourth consecutive quarter of growth following a major drop off during and after the pandemic. Non-luxury inventory rose 3.9%. It\u2019s worth noting inventory in both categories is still well below pre-pandemic levels.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-78272\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/ebFc3-luxury-home-inventory-rising-faster-than-non-luxury-e1721850468403.png\" alt=\"\" width=\"600\" height=\"427\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The number of new listings of luxury homes increased 11%, far outpacing the 2.6% increase in new listings of non-luxury homes.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-78274\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/Jtj6W-new-listings-of-luxury-homes-jump-11-1-e1721851237465.png\" alt=\"\" width=\"600\" height=\"427\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Luxury and non-luxury homes sitting longer on market<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With inventory increasing, luxury homes stayed on the market a median 40 days\u2014two days longer than a year earlier. Non-luxury homes also took longer to sell\u2014a median 31 days\u2014up from 28 days last year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe are seeing luxury homes selling within 30-45 days, but that\u2019s a lot longer than in 2022 when they were flying off the shelf,\u201d<\/span> <span style=\"font-weight: 400;\">said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/juancastro\"><span style=\"font-weight: 400;\">Juan Castro<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin Premier agent in Orlando, FL, where inventory ballooned 22.7% in the second quarter, year over year. \u201cInternational cash buyers are still driving activity, but we have seen a slowdown in local buyers, as it\u2019s really hard to upsize to a luxury home with a 7% mortgage rate.\u201d\u00a0<\/span><\/p>\n<h2><b>Metro-Level Luxury Highlights: Q2 2024<\/b><\/h2>\n<p><i><span style=\"font-weight: 400;\">Redfin\u2019s metro-level luxury data includes the 50 most populous U.S. metros. Some metros are removed from time to time, to ensure data accuracy. All changes noted below are year-over-year changes.\u00a0<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">The median sale price of luxury homes rose most in Providence, RI (16.5% increase to $1,395,000), San Jose, CA (16.4% increase to $4,830,000) and Nassau County, NY (14.3% increase to $2,572,500). It fell in just two metros, in New York (-3.2% to $3,200,000) and Austin, TX (-1.5% to $1,650,000).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sales: <\/b><span style=\"font-weight: 400;\">Luxury home sales increased most in Nashville, TN, (20.4%), Tampa, FL (14.3%) and Seattle (13.9%). They decreased most in Newark, NJ (-20.1%), Baltimore, MD (-15.5%) and Indianapolis, IN (-12.4%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> The total number of luxury homes for sale increased most in Tampa, FL (29.6%), Jacksonville, FL (28.9%) and San Antonio, TX (26.6%). Total inventory fell the most in Newark, NJ (-16%), Chicago (-9.8%) and Atlanta (-6.2%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings of luxury homes increased most in Providence, RI (31.5%), Miami (28.1%) and Tampa, FL (27.6%). New listings fell in 11 metros, with the biggest declines in Newark, NJ (-18.3%), San Francisco (-15.4%) and Chicago (-8.9%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Speed of sales: <\/b><span style=\"font-weight: 400;\">Luxury homes sold fastest in Seattle with a median of six days, while Detroit, San Jose, CA and Indianapolis, IN all recorded a median of 10 days. They sold slowest in Miami (114 days), West Palm Beach, FL (108) and Nassau County, NY (81).<\/span><\/li>\n<\/ul>\n<p><b>10 Most Expensive U.S. Home Sales: Q2 2024<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Glenwood Springs, CO (Aspen): <\/span><a href=\"https:\/\/redfin.com\/CO\/home\/165444525\"><span style=\"font-weight: 400;\">$77M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Glenwood Springs, CO (Aspen): <\/span><a href=\"https:\/\/redfin.com\/CO\/home\/177236279\"><span style=\"font-weight: 400;\">$66.5M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Los Angeles, CA: <\/span><a href=\"https:\/\/redfin.com\/CA\/home\/188090512\"><span style=\"font-weight: 400;\">$62.8M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Miami, FL (Miami Beach): <\/span><a href=\"https:\/\/redfin.com\/FL\/home\/42771357\"><span style=\"font-weight: 400;\">$62.5M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Glenwood Springs, CO (Aspen): <\/span><a href=\"https:\/\/redfin.com\/CO\/home\/132075935\"><span style=\"font-weight: 400;\">$59M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">West Palm Beach, FL (Palm Beach): <\/span><a href=\"https:\/\/redfin.com\/FL\/home\/42436547\"><span style=\"font-weight: 400;\">$51.3M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">West Palm Beach, FL (Highland Beach) <\/span><a href=\"https:\/\/redfin.com\/FL\/home\/42394437\"><span style=\"font-weight: 400;\">$50M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">West Palm Beach, FL (Palm Beach): <\/span><a href=\"https:\/\/redfin.com\/FL\/home\/42434792\"><span style=\"font-weight: 400;\">$49.6M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Glenwood Springs, CO (Aspen): <\/span><a href=\"https:\/\/redfin.com\/CO\/home\/132005988\"><span style=\"font-weight: 400;\">$48.8M<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Glenwood Springs, CO (Woody Creek): <\/span><a href=\"https:\/\/redfin.com\/CO\/home\/191524617\"><span style=\"font-weight: 400;\">$46M<\/span><\/a><\/li>\n<\/ol>\n<table>\n<tbody>\n<tr>\n<td colspan=\"7\"><b>Luxury Housing-Market Summary by Metro Area: Q2 2024<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>Region Name<\/b><\/td>\n<td><b>Median sale price<\/b><\/td>\n<td><b>Median sale price, YoY<\/b><\/td>\n<td><b>Homes sold, YoY<\/b><\/td>\n<td><b>Active listings, YoY<\/b><\/td>\n<td><b>New listings, YoY<\/b><\/td>\n<td><b>Median days on market\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,000.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.11%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.47%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,265.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.42%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.18%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,650.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.49%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.53%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,175.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.44%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-15.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.66%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,270.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.06%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.28%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,400.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.53%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,175.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.29%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.88%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$850.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.38%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.52%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$702.6K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.83%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.98%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$860.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.99%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.14%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,400.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.52%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.19%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,685.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.51%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.05%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$652.5K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.75%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,677.5K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.23%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.27%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">78<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,100.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.33%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,134.4K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.53%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.51%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$860.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-12.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.75%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,325.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$891.8K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.58%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.31%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,232.5K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.71%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.58%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,450.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.98%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.09%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,165.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.57%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.05%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">114<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$925.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.68%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.71%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,035.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.75%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,275.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.59%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,650.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.62%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">56<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,572.5K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.33%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">81<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,900.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.43%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.94%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,200.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.18%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.77%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,751.9K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.48%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-20.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-16.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-18.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,897.5K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.62%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.43%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,195.7K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.65%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$990.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.09%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,649.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.54%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.11%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">62<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$786.3K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.05%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.51%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">57<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,365.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.08%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.52%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,395.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.49%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,420.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,550.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.73%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.79%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$925.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.67%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,375.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.14%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.61%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,200.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.33%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-15.41%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,830.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.39%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.80%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.85%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,695.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.24%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.46%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$850.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.49%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,398.6K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.66%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.61%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The United States<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,180.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.76%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.70%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.98%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$998.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.00%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.60%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.38%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$925.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.82%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.45%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,725.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.83%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.40%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,000.0K<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.26%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-5.50%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.90%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.52%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">108<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Luxury home prices rose 8.8% year over year in the second quarter, more than twice as fast as non-luxury homes. Luxury home sales grew 0.2%, while sales of non-luxury homes fell 3.4% to the lowest level in a decade. Luxury homes sat on the market longer than a year ago, as inventory rose to the [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":76532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/q2-2024-luxury-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Luxury Home Prices Spike 9% to All-Time High\" \/>\n<meta property=\"og:description\" content=\"The typical U.S. luxury home sold for a record $1,180,000 in the second quarter, up 8.8% from a year earlier\u2014the biggest increase in nearly two years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/q2-2024-luxury-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T12:30:47+00:00\" \/>\n<meta property=\"og:image\" 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