Luxury Home Sales Are Hot Again
By CHUCK GREEN
Luxury home prices are at an all-time high as a record share of buyers pay cash for homes in the country’s most exclusive areas.
According to a recent report by data journalist Dana Anderson at Redfin, the prices of luxury homes rose at twice the pace of non-luxury homes at the end of last year. The typical luxury home sold for $1.17 million in Q4 2023, up 8.8% year-over-year.
Like the non-luxury market, low inventory has been pushing prices up, but new listings are increasing as more homeowners jump at the chance to snag rich buyers offering cash for their purchases.
“A lot of luxury buyers are coming in with cash, snapping up expensive homes,” Heather Mahmood-Corley,…