Monday Market Update: Let’s Talk Luxury Markets

An update on the Golden State’s priciest market trends.

Happy Fall! It’s hard to believe that we are approaching Q4 of 2024 and have officially said good-bye to summer. The summer housing market was largely defined by the NAR® commission changes and related transaction processes for buyers and sellers, as well as the expected Fed rate cut that hit last week. But one often-overlooked area amidst the market movements is the luxury market.

Below we have shared a snapshot of the latest California luxury real estate market data available for the quarter ending in June 2024.

As you can see from the chart above, the largest growth in home sales occurred in homes priced from $3-4.99 million, a 30.9% increase! Sales of homes priced $1-2.99 million grew a little over 17%, while homes priced over $10 million had only a 7.8% increase in sales.

From a regional perspective, the Bay Area had the highest median price per square foot ($1,466) in homes priced over $1 million and shortest median days on market (13). On a county wide level, virtually every California county had more closed sales over $1 million this year compared to last year, or at least the same number. You can select different data sorting methods on an interactive version of the chart HERE.

No doubt this final stretch of the year is going to bring about some dynamic shifts as buyers and sellers watch rates, home prices and consider their year-end goals. We hope this information was insightful and empowered you to consider data and market variations in whatever you decide to do (or not do!) next.

All our best,

Bobbi

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/