Global Luxury Market Update: May 2024

Welcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing and brought to you by Carl Johnson Real Estate, this report provides an in-depth look at the top residential markets across the United States and Canada.

The Evolving Path of Luxury Real Estate
In recent years, the high-end housing market has seen significant growth and transformation, with new trends and developments as well as historic levels of demand shaping the industry. As we move into the height of the 2024 spring market, we review the way the market is trending statistically and investigate how the luxury real estate segment continues to evolve and adapt to changing consumer demands, technological advancements, and economic factors.

Consistent Demand
Despite lingering uncertainty outside the luxury real estate market, the increasing level of inventory and number of sales, combined with the steadiness of prices, has resulted in a display of consistent demand for luxury properties during the first four months of 2024. The number of sold luxury properties has risen both month over month since the start of 2024 as well as monthly in comparison to 2023.

April’s figures for single-family homes have more than doubled, increasing by 104.4% since January and by 32.1% compared to April 2023. Attached homes have risen a little less, at 86.5% since January, but by 32.4% compared to April 2023. This sales trend has been greatly assisted by the increased level of new inventory entering the market, up by 160% since January and by 37.5% compared to April 2023 for single-family homes.

Attached home inventory saw a much slower increase over the last four months of only 18.4%; however, year over year, there was an increase of 44.4%. These increases are a clear indicator that, in general, sellers have become more confident that their luxury home will sell. While an increase in new inventory has resulted in a greater number of sales, the significant increase of sales and new inventory proves that the demand for luxury properties continues, enabling the market to remain strong.

​Sold prices also indicate stability in the current market overall; the monthly median price for both single-family and attached properties has barely shifted. But more significantly, the homes being ​sold are very close to their list price, with the return of the SP/LP ratio in the 99% percentile range for the first time in a year.

Evolving Expectations and Preferences
The luxury property market encompasses a variety of high-end residential options, including luxury homes, penthouses, condominiums, and expansive estates. This segment offers luxurious amenities, stunning views, and exceptional craftsmanship, catering to buyers in search of elegance and refinement. However, one of the primary reasons behind the sustained strength of the luxury market is the continuously evolving expectations and preferences of affluent consumers.

Over the past few years, their changing decisions have had significant impacts on the luxury real estate landscape, and it is these influences that are reshaping the market once again. The emerging trends in the market suggest a shift towards creating spaces that offer more than just luxury; they are about curating experiences that align with the profound values and lifestyles of discerning clientele. It is predicted that the luxury homes of the future will integrate sustainability, cultural richness, personalization, and social responsibility, transcending conventional concepts.

Essentially, sellers of high-end real estate market in 2024 and beyond, should start to provide unique, immersive experiences that deeply resonate with individuals seeking more than just a residence but a reflection of their ideals and aspirations. 
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​As the luxury real estate market continues to thrive and adapt to changing preferences and trends, staying informed and working with a trusted professional will be key for affluent home buyers and sellers. These luxury advisors keep a pulse on the emerging trends which allows their clients to make informed decisions and seize opportunities in this dynamic and exciting market

Did you know that Carl Johnson is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market? His CLHMS membership also provides him with access to an elite network of contacts and resources that help to find you your dream home from Swansboro to Beaufort and beyond. Trust your luxury listing to Carl Johnson Real Estate! ​Call 919-880-0904 for a consultation or CLICK HERE.