Luxury living goes beyond breathtaking views and state-of-the-art smart home technology—it’s about enhancing your entire lifestyle. If you’re considering a million-dollar home, now is an ideal time to explore the booming luxury real estate market. Here’s why.
The Number of Luxury Homes Is Growing
Luxury homes, or properties at the top of the market, can vary depending on your location. However, they generally fall within the top 5% of the price range in any given area. A recent Redfin report highlights that the average value of these homes has now surpassed one million dollars:
“The median sale price for U.S. luxury homes, defined as the top 5% of listings, increased by 9% year-over-year to a record $1.18 million in the second quarter.”
The same report also shows that the percentage of homes valued at a million dollars or more has reached an all-time high (see graph below).
This means that if you’re targeting this price range, there are a variety of options available, each offering unique features and styles.
Whether you’re seeking cutting-edge designs like modern kitchens with premium appliances, exclusive amenities, or heightened privacy and security, the market catering to this lifestyle is expanding.
Your Luxury Home Is an Investment
Moreover, investing in a luxury home can be a powerful way to build long-term wealth. As highlighted by the earlier Redfin report, luxury home prices are on the rise, which may explain the increasing interest in luxury real estate investments. The August Luxury Market Report supports this trend, stating:
“By the end of July, the total sales volume in 2024 had grown by 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.”
Bottom Line
As the number of million-dollar homes increases and prices continue to rise, you have a variety of luxury options to choose from along with the opportunity to build substantial long-term wealth. Interested in seeing the top homes in our area? Contact us today!
