LUXURY MARKET REPORT
2023 IN REVIEW Home of the CLHMS TM
THIS IS YOUR
LUXURY MARKET REPORT
MAP OF LUXURY RESIDENTIAL MARKETS
KEY TERMS IN THIS REPORT •
REMAINING INVENTORY: The total number of homes available at the close of a month.
•
DAYS ON MARKET: The number of days a home is available on the market before a purchase contract is accepted.
•
LUXURY BENCHMARK PRICE: The price point that marks the transition from traditional homes to luxury homes.
•
NEW LISTINGS: The number of homes that entered the market during the current month.
•
PRICE PER SQUARE FOOT: Measures the home's sales price for an individual square foot.
•
SALES RATIO: Defines market speed and determines whether the market currently favors buyers or sellers. Buyer's Market = up to 14%; Balanced Market = 15 to 20%; Seller's Market = 21% plus. If >100%, sales from previous month exceed current inventory.
•
SP/LP RATIO: Compares the value of the sold price to the value of the list price.
THE LUXURY MARKET REPORT The Institute’s 2023 Luxury Market Year in Review gives insights into how the luxury market has performed during the year, along with reviewing the many opportunities that exist in this unique niche. This resource will provide you with statistics and analysis for luxury single-family and attached homes for the past year, new preferences among the affluent, and interesting new trends, niche markets, as well as sources of potential opportunities in 2024! Learn how to leverage data like this, along with many other successful techniques for breaking into the luxury market by registering for one of The Institute's Luxury Home Marketing training courses:
LuxuryHomeMarketing.com/training
The Institute for Luxury Home Marketing Home of the CLHMSTM
Despite a slower year in the overall volume of sales, the luxury market remained “unapologetically resilient” with a definite uptick in activity during the last quarter of 2023.
NORTH AMERICAN
LUXURY REVIEW Welcome to 2024 and our review of the most important takeaways from 2023 and the most significant trends forecasted to impact the luxury real estate market in 2024 for North America (U.S. and Canada). The best way to sum up the luxury real estate market during 2023 might be that it remained “unapologetically resilient,” despite a slower year in overall sales volume compared to 2022. The number of sales in 2023 (based on the 150 markets researched by The Institute) fell by 13.7% for singlefamily homes and by 8.6% for attached properties compared to 2022. However, in the last quarter of 2023, the market rallied with sales increasing by 4.8% for single-family homes and 13.0% for attached compared to the same quarter in 2022. The affluent were certainly not apologetic in their demand for luxury properties during 2023 – as they equally recognized their continued desire to own a new residence alongside the potential investment opportunity – albeit over a longer term. However, it was a year where buyer demand was significantly hampered by a stagnating market. In part, this was caused by an increasing lack of new listings entering the market month over month. Economic uncertainty, rising inflation, and increasing interest rates led to growing seller resistance to list their property, which further compounded the already low levels of inventory. This was, until the last quarter of 2023, when a shift that started at the end of the third quarter saw more listings enter the market, consequently opening the door for more sales. The number of new listings grew by 17.1% for single-family homes and 32.0% for attached properties.
Predictions versus Reality Last year, we predicted that 2023 would see a softer luxury real estate market than 2022. One where properties would stay on the market for longer, prices remain high with little expectation of significant decreases, and where the affluent would base their decisions on long-term investments. All of which have materialized.
While people returned to city life and were happy to embrace smaller footprints again, this did not become a significant trend. Instead, their focus shifted to finding properties that matched their lifestyle expectations – whether that was location, amenities, move-in-ready, intrinsic value, or in many cases, all four! Expectations for a more normalized market, with activity returning to the traditional levels seen prior to the pandemic, did not materialize in the exact manner anticipated either. Hesitation and resistance continued to stall both inventory growth and price reductions expected by buyers, and sellers saw little reason to give up their affordable loan rates or reduce their prices. As we move into 2024, predictions are still varied for the upcoming year, but these trend towards the positive rather than negative for the real estate market, especially luxury real estate. Overall, economically things seem more settled with all indicators, including the gradual decline of inflation and expected decreases of interest rate on the horizon, pointing towards the return of a stronger spring market.
Inventory Still A Major Controller Inventory levels certainly controlled much of the buying narrative during 2023. The initial belief that the market would become more normalized was fueled by an uptick in the number of new listings entering the market during the first quarter of 2023, creating significantly higher inventory levels compared to 2022. These numbers, however, were still 40% below traditional levels (i.e., before the pandemic), and April’s announcement of further interest rates and talks of a recession increasing, saw sellers hesitate once more and the market stagnate. Buyer purchasing demands were also on the shift, and a trend for a move-in-ready home with amenities that matched lifestyle choices fast became the property seeing the greatest demand. Inventory levels began to show the disconnect between buyers and sellers as properties not matching the new criteria started to build up, sitting for longer periods of time on the market. However, while inventory itself rose, the decline of new listings, particularly for property types in high demand, created a dichotomy in the market.
Perception and reality are rarely in sync but by September the luxury market showed signs of an uptick in the right type of inventory entering the market. Sellers were adjusting to meet buyer preferences, the economic climate felt stronger, and the first indications of lower interest rates all contributed. The result was a last quarter of increased new and existing inventory levels and more sales when compared to the same quarter in 2022. Expectations for 2024 are that inventory levels will continue to increase, not just through listings remaining on the market, but through new properties entering the market. So long as this inventory meets buyer preferences, then expect sales to return because there is certainly a pent-up demand by affluent buyers for these types of properties.
Pricing Trends Show Resilience Experts predicted that home prices would continue to rise during 2023, but at a considerably more moderate pace. The overall luxury median price remained around the $1.3 million for single-family homes and $873,000 for attached properties across the markets analyzed by the Institute, fluctuating slightly higher some months and dropping in others when compared to the same months in 2022 and month-overmonth in 2023. While some luxury properties may have felt some downward pressure on their price and buyers were able to find more opportunities, it was typically in the negotiation of terms such as requesting repairs or closing costs where savings occurred. Overall low inventory remained the biggest challenge during 2023 for many luxury markets, causing sellers to see little reason to drop their price as they perceived little competition. Inventory, especially new inventory, is critical in the luxury real estate market. The lack of it helped stabilize the price and saw many markets remain more favorable to sellers. Pricing at the end of 2023 is still, for the most part, controlled by lower-than-average inventory levels. Even though there was an uptick in properties listed for sale in the last quarter, pent-up demand has, for the most part, offset any negative impacts on the value of homes. Most analysts and economists predict, according to a report from Norada Real Estate Investments, that over the next five years, prices will remain either flat or will only experience a modest decline. Paired with more robust lending standards, no one anticipates a similar price crash to the one that occurred in 2008.
Demand Trends Changed The ‘experience’ a home offers became the significant factor in the decision-making process of the wealthy during 2023. No matter who we talked to, savvy homeowners, luxury real estate professionals, developers, architects, and designers, they all put their emphasis on defining ‘the experience’ as part of their luxury marketing message. The general message is that luxury is about the design, the location of the property, and the property’s ability to offer a unique experience. For instance, keeping the essence of the natural surroundings while ensuring that all aspects of their lifestyle, health, privacy, and security are part of the package. In the past, luxury properties were designed primarily for functionality, even if they were the most stunning mansions or estate homes. But, as we moved into 2023, more architectural and design emphasis was put into properties to promote wellness and well-being, including trends such as: 1. Biophilic design: This is an approach to architecture that seeks to connect its occupants closer to nature by incorporating things like natural lighting and ventilation, natural landscape features, and other elements for creating a more productive and healthier built environment for people. 2. Passive design: This reflects a philosophy of life and how the relationship with the environment should develop with the primary objective of using available resources and maximizing energy savings. 3. Sustainability design: Green architecture and environmentally conscious living are architectural trends that will prevail, offering sustainable solutions such as carbon-neutral homes by using natural materials, including recycled resources. 4. Green design: Properties with extensive green spaces, including private gardens, rooftop gardens, and outdoor relaxation areas, remain desirable for health-conscious buyers. It is predicted that interior design will continue to move in the direction of sustainability at a time when environmental awareness is crucial.
Luxury Properties Retained Their Strong Appeal Despite the impacts of outside influences, buyers were still eager to invest in luxury real estate, especially if they could negotiate more favorable terms. Properties sold if they were priced correctly or held a special appeal to the current purchaser and, most importantly, were move-in ready – a demand that is set to remain high on the requirements for most buyers well into 2024. Cash buyers were dominant in 2023 – previously during the low-interest-rate years, even the ultra-wealthy took advantage of the historically low rates. In 2023’s market, sellers were keen to work with cash buyers as the transaction was less risky because they did not rely on an institution to provide funds or change their mind on pre-approved funds. Leveraging their cash may have been a short-term proposition for many affluent buyers, who, with an eye on the long-term investment potential of their luxury property, will at some time refinance, especially as interest and loan rates are now starting to shift downward. Real estate is still considered to be one of the safest investments as, historically, capital values have appreciated year over year, and even though the rate of return may fall compared to the last two years, expectations are that home values will continue to climb.
Future Expectations As we head into a new year, we expect to see a stronger market return for luxury real estate, especially if the economy, inflation, and interest rates either hold steady or improve. Other key expectations for 2024 are: • Move-in-ready homes, “experience-based” properties, correct pricing, and cash buyers will be the big winners during 2024. • Luxury properties will remain an intrinsic part of the overall investment portfolio for the affluent, although recognized for their longer-term return prospects. • In the shorter term, decisions will be focused on acquiring homes that fulfill their lifestyle requirements now and into the future.
• Demand will remain strong as high-net-worth individuals see property as a safe investment that will mitigate exposure to political and economic variables. • Inventory, especially the lack of desirable properties, will still impact the number of sales rather than declining demand. • Expect to see developers and builders bring new inventory to the market that meets the new expectations of buyers, in terms of design, amenities, and features. • Amenities will be key, with a strong bent to including sustainability, health and wellness features, and inclusion of a more AI-driven environment. • Do not expect prices to drop significantly due to inventory constraints, pent-up demand, and many affluent sellers still not needing or wanting to put their home on the market. • But do expect properties to stay on the market longer as buyers will continue to maintain a more discerning approach. • Location will still remain a key decision-maker but changing back to include city living and commuter-friendly areas – especially with the added demand by companies for their workforce to return to the office increases. As always, we highly recommend working with a luxury property specialist during this unconventional market to ascertain what is truly happening in your local marketplace. Navigating the art of selling and buying in this market needs a critical and analytical approach; understanding the realities and setting expectations accordingly will ensure that goals are achieved.
– 2023 MARKET TRENDS – FOR THE LUXURY NORTH AMERICAN MARKET
Single-Family Homes
Attached Homes
Single-Family List Price
Attached List Price
All data is based off median values. Median prices represent properties priced above respective city benchmark prices. 45
40 35
30
23
32
29
25
33 29
17
14
23
20
18
15
18
20
JUN
JUL
AUG
17
16
MAY
10
20
15
14
24
23
$497
32
35
$489
DAYS ON MARKET
40
20
21
24
25
30
5 0
DEC
JAN
FEB
MAR
APR
SEP
OCT
NOV
DEC
$465
$520
DEC
SEP
OCT
NOV
DEC
JUN
JUL
AUG
SEP
$403
$427
$489 $421
$494
NOV
$406
$472
OCT
$405
APR
$401
MAR
$408
$489
FEB
$420
$398
$478
$498
$492
$403
$300
$406
$400
$381
$486
$498
$500
$400
PRICE PER SQUARE FOOT
$600
$200
$100
$0
DEC
JAN
MAY
SALES PRICE VS. LIST PRICE
$1,900,000 $1,700,000 $1,500,000 $1,300,000 $1,100,000 $900,000 $700,000 $500,000
DEC
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
– LUXURY MARKET REVIEW – A Review of Key Market Differences Year over Year 2022 | 2023
SINGLE-FAMILY HOMES 2022
2023
2022
2023
Average List Price
$1,646,396 $1,645,666
Average Monthly Inventory
41,513
52,661
Average Sale Price
$1,312,504 $1,308,206
Average Monthly Sales
17,097
14,757
205,165
177,079
16
23
3,263
3,249
Average SP/LP Ratio
99.44%
98.70%
Total Yearly Sold
Average Sales Ratio
46.44%
27.84%
Average Days on Market
$419
$407
Average Price per Sq. Ft.
Average Home Size
Average List Price, Sale Price, SP/LP Ratio, Sales Ratio, Price Per Square Foot, Days on Market, and Home Size are based on average monthly medians. Median prices represent properties priced above respective city benchmark prices.
11,148
2,341
Inventory
Total Sold
8
18.60%
Avg. Sale Price
Days on Market
Sales Ratio
4,298
$
SINGLE-FAMILY HOMES MARKET SUMMARY | 2023 •
Official Market Type: Seller's Market with a 27.84% Sales Ratio.1
•
Homes are selling for an average of 99.70% of list price.
•
The median luxury threshold2 price is $925,000, and the average median luxury home sales price in 2023 is $1,308,206.
•
Markets with the Highest Average Median Sales Price: Aspen ($14,345,739), Telluride ($5,331,354), Vail ($4,510,597), and Whistler ($4,267,136).
•
Markets with the Highest Average Sales Ratio: East Bay (101%), Cleveland Suburbs (75%), Hamilton County (69%) and St. Louis (68%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– LUXURY MARKET REVIEW – A Review of Key Market Differences Year over Year 2022 | 2023
ATTACHED HOMES 2022
2023
Average List Price
$1,007,022
$969,131
Average Sale Price
$877,125
Average SP/LP Ratio Average Sales Ratio Average Price per Sq. Ft.
2022
2023
Average Monthly Inventory
13,126
18,941
$873,702
Average Monthly Sales
5,141
4,428
99.46%
99.02%
Total Yearly Sold
61,688
53,132
43.55%
23.45%
Average Days on Market
16
23
$521
$492
1,854
1,918
Average Home Size
Average List Price, Sale Price, SP/LP Ratio, Sales Ratio, Price Per Square Foot, Days on Market, and Home Size are based on average monthly medians. Median prices represent properties priced above respective city benchmark prices.
7
20.10%
Days on Market
Sales Ratio
5,815
713
$
3,423
Inventory
Total Sold
Avg. Sale Price
ATTACHED HOMES MARKET SUMMARY | 2023 •
Official Market Type: Seller's Market with a 23.45% Sales Ratio.1
•
Attached homes are selling for an average of 99.41% of list price.
•
The median luxury threshold2 price is $700,000, and the average median attached luxury sale price in 2023 is $873,702.
•
Markets with the Highest Median Sales Price: Aspen ($4,005,813), Vail ($3,233,740), San Francisco ($2,420,554), and Whistler ($2,336,125).
•
Markets with the Highest Sales Ratio: Howard County, MD (147%), Fairfax County, VA (101%), Montgomery County, MD (89%) and East Bay (82%). 1
Sales Ratio defines market speed and market type: Buyer's < 15.5%; Balanced >= 15.5 to < 20.5%; Seller's >= 20.5% plus. If >100%, sales from previous month exceeds current inventory. 2The luxury threshold price is set by The Institute for Luxury Home Marketing.
– 2023 LUXURY MARKET REVIEW – SINGLE-FAMILY HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$1,146,358
$972,752
535
329
238
20
Seller's
AZ
Chandler and Gilbert
$1,071,438
$995,652
145
52
63
44
Seller's
AZ
Flagstaff
$1,689,228
$1,462,332
82
20
16
76
Balanced
AZ
Mesa
$891,437
$858,923
156
54
54
44
Seller's
AZ
Paradise Valley
$5,910,792
$3,789,350
141
33
25
57
Balanced
AZ
Phoenix
$907,146
$806,693
703
235
249
45
Seller's
AZ
Scottsdale
$2,217,889
$1,673,208
706
187
165
53
Seller's
AZ
Tucson
$696,880
$654,686
824
254
242
17
Seller's
BC
Mid Vancouver Island
$1,673,444
$1,498,467
190
79
25
38
Buyer's
BC
Okanagan Valley
$1,765,215
$1,534,733
916
243
58
57
Buyer's
BC
Vancouver
$4,384,917
$3,416,338
1046
308
76
20
Buyer's
BC
Victoria
$2,410,042
$2,023,371
163
75
27
30
Balanced
BC
Whistler
$5,692,334
$4,267,136
50
13
3
52
Buyer's
CA
Central Coast
$2,943,888
$2,331,667
223
74
54
21
Seller's
CA
East Bay
$2,322,799
$1,930,354
280
150
284
11
Seller's
CA
Greater Palm Springs
$1,884,958
$1,700,063
397
132
88
40
Seller's
CA
Lake Tahoe
$2,690,708
$1,840,917
168
44
32
40
Balanced
CA
Los Angeles Beach Cities
$6,093,750
$4,188,288
360
107
60
28
Balanced
CA
Los Angeles City
$5,384,750
$3,664,218
643
199
100
29
Balanced
CA
Los Angeles The Valley
$2,745,541
$2,143,287
548
214
150
36
Seller's
CA
Marin County
$3,653,208
$3,024,625
89
20
35
26
Seller's
CA
Napa County
$3,878,917
$2,296,042
120
16
11
63
Buyer's
CA
Orange County
$3,038,733
$2,190,503
830
289
328
25
Seller's
CA
Placer County
$1,171,726
$1,072,147
235
82
81
23
Seller's
CA
Sacramento
$1,015,780
$903,105
540
218
232
18
Seller's
CA
San Diego
$2,625,199
$1,887,454
738
300
305
14
Seller's
CA
San Francisco
$4,853,250
$3,304,417
119
33
41
19
Seller's
CA
San Luis Obispo County
$1,793,792
$1,434,292
174
45
51
34
Seller's
CA
Silicon Valley
$4,426,510
$3,292,358
410
207
221
12
Seller's
CA
Sonoma County
$2,425,167
$1,786,208
222
41
44
41
Balanced
CA
Ventura County
$2,394,250
$1,735,375
225
74
72
54
Seller's
CO
Aspen
$16,316,111
$14,345,739
69
12
6
107
Buyer's
CO
Boulder
$2,252,875
$1,649,891
252
82
61
51
Seller's
CO
Colorado Springs
$919,071
$875,963
421
122
111
24
Seller's
CO
Denver
$1,718,917
$1,396,528
662
241
228
19
Seller's
CO
Douglas County
$1,359,355
$1,171,125
329
110
98
26
Seller's
CO
Durango
$1,523,200
$1,253,750
98
23
20
68
Balanced
CO
Summit County
$3,309,167
$2,243,028
68
15
10
68
Buyer's
CO
Telluride
$6,689,583
$5,331,354
89
12
6
179
Buyer's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – SINGLE-FAMILY HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Vail
$6,214,750
$4,510,597
82
13
8
114
Buyer's
CT
Central Connecticut
$700,142
$620,950
324
93
162
10
Seller's
CT
Coastal Connecticut
$2,401,458
$1,733,613
468
136
147
30
Seller's
DC
Washington D.C.
$3,991,417
$2,699,079
47
16
14
15
Seller's
DE
Sussex County Coastal
$1,472,569
$1,302,744
136
33
40
12
Seller's
FL
Boca Raton/Delray Beach
$2,916,625
$1,976,208
512
131
77
38
Balanced
FL
Brevard County
$853,535
$761,481
361
118
110
19
Seller's
FL
Broward County
$1,738,083
$1,449,375
649
174
95
49
Buyer's
FL
Coastal Pinellas County
$2,296,542
$1,977,988
118
32
19
44
Balanced
FL
Ft. Lauderdale
$5,137,917
$3,943,317
184
33
14
120
Buyer's
FL
Jacksonville Beaches
$1,374,594
$1,173,724
344
98
79
39
Seller's
FL
Lee County
$1,391,817
$1,276,921
819
219
108
31
Buyer's
FL
Marco Island
$2,620,958
$2,459,021
147
30
18
63
Buyer's
FL
Miami
$2,107,079
$1,449,333
1057
247
107
64
Buyer's
FL
Naples
$5,444,667
$3,787,042
441
81
41
51
Buyer's
FL
Orlando
$1,250,045
$1,161,792
776
225
180
21
Seller's
FL
Palm Beach Towns
$4,208,441
$2,640,175
313
62
23
72
Buyer's
FL
Sarasota & Beaches
$2,788,667
$1,972,458
452
102
54
44
Buyer's
FL
South Pinellas County
$1,550,000
$1,282,563
302
94
72
31
Seller's
FL
South Walton
$2,437,325
$2,078,630
491
99
48
51
Buyer's
FL
Tampa
$762,615
$708,164
1165
383
394
22
Seller's
GA
Atlanta
$1,659,667
$1,211,063
683
241
182
12
Seller's
GA
Duluth
$1,584,042
$1,465,667
16
7
6
25
Seller's
HI
Island of Hawaii
$2,086,958
$1,553,633
159
30
26
38
Balanced
HI
Kauai
$2,894,167
$2,003,685
64
11
7
55
Buyer's
HI
Maui
$3,642,875
$2,541,711
144
28
18
120
Buyer's
HI
Oahu
$3,117,495
$2,376,583
195
45
32
31
Balanced
IA
Greater Des Moines
$641,762
$623,295
466
94
86
28
Balanced
ID
Ada County
$783,632
$767,788
627
245
222
21
Seller's
ID
Northern Idaho
$1,735,067
$1,392,333
392
101
47
99
Buyer's
IL
Chicago
$1,583,844
$1,301,250
587
226
232
20
Seller's
IL
DuPage County
$1,234,563
$945,913
238
90
105
20
Seller's
IL
Lake County
$1,257,046
$921,362
250
85
95
18
Seller's
IL
Will County
$674,639
$613,490
227
95
112
18
Seller's
IN
Hamilton County
$865,754
$770,578
159
60
109
7
Seller's
KS
Johnson County
$842,004
$836,628
472
79
129
9
Seller's
MA
Cape Cod
$2,530,167
$1,850,417
147
38
30
32
Balanced
MA
Greater Boston
$3,530,417
$2,651,542
144
51
37
27
Seller's
MA
South Shore
$1,904,317
$1,443,821
69
22
27
26
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – SINGLE-FAMILY HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
MD
Anne Arundel County
$1,019,297
$921,685
170
62
86
8
Seller's
MD
Baltimore City
$879,050
$830,713
25
10
13
11
Seller's
MD
Baltimore County
$1,063,848
$938,250
142
46
47
12
Seller's
MD
Frederick County
$874,783
$876,782
57
21
23
9
Seller's
MD
Howard County
$1,154,777
$1,015,996
67
25
45
7
Seller's
MD
Montgomery County
$2,027,902
$1,601,495
158
64
86
10
Seller's
MD
Talbot County
$3,243,583
$1,942,250
37
10
8
15
Seller's
MD
Worcester County
$1,081,650
$841,293
48
13
15
27
Seller's
MI
Grand Traverse
$1,202,486
$1,024,081
67
24
14
59
Balanced
MI
Livingston County
$751,196
$684,688
88
30
23
24
Seller's
MI
Monroe County
$682,358
$599,908
19
6
5
38
Seller's
MI
Oakland County
$786,000
$651,708
704
261
247
14
Seller's
MI
Washtenaw County
$986,316
$776,200
139
40
50
17
Seller's
MI
Wayne County
$755,283
$623,827
164
64
77
13
Seller's
MN
Olmsted County
$847,675
$785,165
78
20
17
40
Seller's
MN
Twin Cities
$1,224,117
$1,011,299
720
222
184
25
Seller's
MO
Kansas City
$693,451
$670,268
1457
262
392
12
Seller's
MO
St. Louis
$840,680
$675,629
109
40
74
11
Seller's
NC
Asheville
$1,112,362
$894,020
247
66
66
23
Seller's
NC
Charlotte
$1,211,233
$953,713
509
175
282
8
Seller's
NC
Lake Norman
$1,234,451
$1,072,266
194
61
75
14
Seller's
NC
Raleigh-Durham
$1,193,567
$956,887
471
138
203
3
Seller's
NH
Rockingham County
$1,549,063
$1,306,417
61
22
24
18
Seller's
NJ
Bergen County
$2,270,792
$1,759,125
230
67
56
30
Seller's
NJ
Hudson County
$1,534,909
$1,647,616
24
11
6
23
Seller's
NJ
Morris County
$1,720,858
$1,432,500
121
40
46
19
Seller's
NJ
Ocean County
$967,704
$838,022
428
143
119
27
Seller's
NM
Taos
$1,255,125
$1,026,154
63
11
7
97
Buyer's
NV
Lake Tahoe
$3,880,750
$2,508,000
91
17
14
99
Balanced
NV
Las Vegas
$1,761,287
$1,413,058
610
177
101
34
Balanced
NV
Reno
$1,941,104
$1,782,829
116
27
21
86
Balanced
NY
Finger Lakes
$1,699,917
$1,332,625
24
7
7
30
Seller's
NY
Nassau County
$1,853,337
$1,494,963
622
165
128
47
Balanced
NY
Staten Island
$1,230,699
$1,115,875
145
37
22
73
Balanced
NY
Suffolk County
$1,946,104
$1,263,958
821
189
135
45
Balanced
NY
Westchester County
$1,883,167
$1,539,885
492
117
148
20
Seller's
OH
Cincinnati
$856,458
$752,892
220
57
74
5
Seller's
OH
Cleveland Suburbs
$820,454
$672,040
32
14
24
23
Seller's
OH
Columbus
$839,502
$740,742
469
175
210
8
Seller's
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – SINGLE-FAMILY HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
ON
GTA - Durham
$1,765,216
$1,569,488
231
151
62
14
Seller's
ON
GTA - York
$2,524,787
$1,895,042
557
361
178
14
Seller's
ON
Hamilton
$1,930,225
$1,576,546
223
104
30
27
Buyer's
ON
Mississauga
$3,045,700
$2,608,899
144
78
22
23
Balanced
ON
Oakville
$3,027,532
$2,318,457
136
88
42
21
Seller's
ON
Toronto
$3,744,766
$3,195,863
453
262
94
14
Balanced
ON
Waterloo Region
$1,448,212
$1,278,319
176
117
61
15
Seller's
OR
Portland
$1,315,052
$1,130,554
656
207
161
20
Seller's
SC
Charleston
$1,889,458
$1,441,414
435
137
132
23
Seller's
SC
Hilton Head
$1,994,333
$1,568,625
246
52
60
31
Seller's
SC
The Grand Strand
$863,973
$820,120
401
104
91
92
Seller's
TN
Greater Chattanooga
$940,817
$882,488
202
55
44
15
Seller's
TN
Knoxville
$950,982
$866,223
148
47
56
11
Seller's
TN
Nashville
$1,767,267
$1,336,166
788
245
212
12
Seller's
TX
Austin
$1,218,308
$969,483
1186
383
249
34
Seller's
TX
Collin County
$753,174
$711,061
1148
451
491
25
Seller's
TX
Dallas
$1,421,883
$1,100,355
459
178
155
18
Seller's
TX
Denton County
$780,377
$732,910
977
354
335
29
Seller's
TX
El Paso
$630,348
$603,115
203
47
29
24
Buyer's
TX
Fort Worth
$882,776
$789,630
926
319
309
24
Seller's
TX
Greater Tyler
$720,842
$659,068
232
69
30
26
Buyer's
TX
Houston
$1,003,497
$884,971
1077
399
284
16
Seller's
TX
Lubbock
$639,748
$636,815
153
58
30
80
Balanced
TX
San Angelo
$642,292
$611,851
69
18
10
92
Buyer's
TX
San Antonio
$799,566
$749,262
695
199
138
39
Balanced
TX
The Woodlands & Spring
$851,078
$762,754
205
92
90
11
Seller's
UT
Park City
$4,741,792
$3,446,553
187
38
25
60
Buyer's
UT
Salt Lake City
$1,196,449
$1,025,582
442
147
125
40
Seller's
UT
Washington County
$1,360,667
$1,285,616
150
38
26
43
Balanced
VA
Arlington & Alexandria
$2,194,956
$1,861,052
93
35
31
14
Seller's
VA
Charlottesville
$1,306,827
$1,087,069
130
33
36
8
Seller's
VA
Fairfax County
$2,140,117
$1,487,517
307
108
123
9
Seller's
VA
McLean & Vienna
$2,776,261
$1,896,225
140
45
42
16
Seller's
VA
Richmond
$813,650
$797,094
345
101
153
8
Seller's
VA
Smith Mountain Lake
$1,686,544
$1,283,125
33
9
7
14
Seller's
WA
King County
$2,079,244
$1,687,396
758
344
393
11
Seller's
WA
Seattle
$2,013,187
$1,649,040
202
93
96
9
Seller's
WA
Spokane
$1,165,125
$1,004,795
134
51
24
23
Balanced
Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – ATTACHED HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
AB
Calgary
$795,262
$684,500
148
67
42
25
Seller's
AZ
Chandler and Gilbert
-
-
-
-
-
-
-
AZ
Flagstaff
-
-
-
-
-
-
-
AZ
Mesa
-
-
-
-
-
-
-
AZ
Paradise Valley
-
-
-
-
-
-
-
AZ
Phoenix
-
-
-
-
-
-
-
AZ
Scottsdale
$872,742
$762,943
218
65
65
41
Seller's
AZ
Tucson
-
-
-
-
-
-
-
BC
Mid Vancouver Island
$841,844
$810,283
68
31
14
27
Balanced
BC
Okanagan Valley
-
-
-
-
-
-
-
BC
Vancouver
$1,925,933
$1,720,236
939
352
92
17
Buyer's
BC
Victoria
$970,399
$932,823
151
85
43
24
Seller's
BC
Whistler
$2,453,871
$2,336,125
47
15
5
46
Buyer's
CA
Central Coast
$1,220,750
$1,144,875
38
15
15
18
Seller's
CA
East Bay
$1,153,097
$1,087,283
105
58
86
12
Seller's
CA
Greater Palm Springs
-
-
-
-
-
-
-
CA
Lake Tahoe
$1,759,125
$1,325,583
36
11
9
37
Seller's
CA
Los Angeles Beach Cities
$1,933,167
$1,622,557
139
54
49
22
Seller's
CA
Los Angeles City
$1,803,792
$1,483,908
360
117
69
24
Balanced
CA
Los Angeles The Valley
$809,954
$801,172
102
49
68
26
Seller's
CA
Marin County
$1,311,217
$1,244,082
19
7
13
18
Seller's
CA
Napa County
-
-
-
-
-
-
-
CA
Orange County
$1,277,792
$1,121,417
280
133
196
21
Seller's
CA
Placer County
-
-
-
-
-
-
-
CA
Sacramento
-
-
-
-
-
-
-
CA
San Diego
$1,318,458
$1,049,556
287
138
159
12
Seller's
CA
San Francisco
$2,736,125
$2,420,554
111
20
18
33
Balanced
CA
San Luis Obispo County
-
-
-
-
-
-
-
CA
Silicon Valley
$1,686,556
$1,607,958
93
56
61
10
Seller's
CA
Sonoma County
$804,470
$734,512
13
5
6
34
Seller's
CA
Ventura County
$796,000
$747,913
88
31
38
43
Seller's
CO
Aspen
$3,718,000
$4,005,813
48
7
4
109
Buyer's
CO
Boulder
$963,880
$845,531
79
28
23
49
Seller's
CO
Colorado Springs
$568,199
$571,019
46
11
11
33
Seller's
CO
Denver
$885,500
$804,033
163
50
42
25
Seller's
CO
Douglas County
$589,854
$577,408
23
11
10
25
Seller's
CO
Durango
$814,881
$803,625
28
6
7
77
Seller's
CO
Summit County
$1,275,667
$1,284,125
27
9
8
25
Seller's
CO
Telluride
$2,324,625
$1,951,063
38
8
10
81
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – ATTACHED HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
CO
Vail
$3,873,958
$3,233,740
77
13
15
36
Balanced
CT
Central Connecticut
-
-
-
-
-
-
-
CT
Coastal Connecticut
$1,155,708
$719,854
130
35
51
26
Seller's
DC
Washington D.C.
$1,954,075
$1,618,346
213
73
56
14
Seller's
DE
Sussex County Coastal
$1,068,279
$920,349
22
7
8
18
Seller's
FL
Boca Raton/Delray Beach
$1,100,042
$762,846
364
105
77
30
Seller's
FL
Brevard County
$725,517
$688,694
182
44
29
39
Balanced
FL
Broward County
$705,792
$605,270
753
187
105
39
Buyer's
FL
Coastal Pinellas County
$1,249,958
$1,124,417
170
51
38
24
Seller's
FL
Ft. Lauderdale
$2,610,290
$2,261,764
138
27
12
67
Buyer's
FL
Jacksonville Beaches
$1,126,361
$1,158,000
44
13
15
35
Seller's
FL
Lee County
$848,108
$839,471
460
113
65
23
Buyer's
FL
Marco Island
$1,702,958
$1,649,375
60
15
9
50
Buyer's
FL
Miami
$1,501,352
$1,248,542
1457
279
108
88
Buyer's
FL
Naples
$2,344,635
$2,087,500
292
87
57
36
Balanced
FL
Orlando
$560,911
$569,007
276
75
53
26
Balanced
FL
Palm Beach Towns
$1,805,417
$1,838,756
288
75
41
33
Buyer's
FL
Sarasota & Beaches
$1,617,746
$1,384,802
269
79
58
25
Seller's
FL
South Pinellas County
$1,072,579
$1,028,703
276
95
66
15
Seller's
FL
South Walton
$1,481,775
$1,268,370
206
36
25
37
Buyer's
FL
Tampa
$985,583
$723,651
226
73
61
17
Seller's
GA
Atlanta
$736,977
$637,890
527
177
129
18
Seller's
GA
Duluth
-
-
-
-
-
-
-
HI
Island of Hawaii
$2,182,583
$1,432,396
44
11
14
24
Seller's
HI
Kauai
$1,723,500
$1,418,883
35
8
10
26
Seller's
HI
Maui
$1,997,900
$1,874,408
104
30
22
219
Seller's
HI
Oahu
$1,207,074
$961,581
456
102
81
30
Balanced
IA
Greater Des Moines
-
-
-
-
-
-
-
ID
Ada County
$632,675
$594,654
56
19
14
28
Seller's
ID
Northern Idaho
-
-
-
-
-
-
-
IL
Chicago
$1,222,546
$963,044
762
258
141
43
Balanced
IL
DuPage County
$767,008
$676,907
23
10
13
18
Seller's
IL
Lake County
-
-
-
-
-
-
-
IL
Will County
-
-
-
-
-
-
-
IN
Hamilton County
-
-
-
-
-
-
-
KS
Johnson County
$622,587
$649,628
148
17
24
41
Balanced
MA
Cape Cod
$949,917
$900,271
31
8
10
30
Seller's
MA
Greater Boston
$2,490,208
$2,007,313
370
115
71
30
Balanced
MA
South Shore
$807,771
$847,708
16
7
8
34
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – ATTACHED HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
MD
Anne Arundel County
$576,850
$574,337
62
31
49
9
Seller's
MD
Baltimore City
$667,344
$611,851
94
30
30
14
Seller's
MD
Baltimore County
$620,338
$569,807
24
9
10
9
Seller's
MD
Frederick County
-
-
-
-
-
-
-
MD
Howard County
$629,149
$612,074
23
15
33
8
Seller's
MD
Montgomery County
$826,002
$755,498
68
38
61
9
Seller's
MD
Talbot County
-
-
-
-
-
-
-
MD
Worcester County
$682,404
$636,683
76
28
26
18
Seller's
MI
Grand Traverse
-
-
-
-
-
-
-
MI
Livingston County
-
-
-
-
-
-
-
MI
Monroe County
-
-
-
-
-
-
-
MI
Oakland County
$676,100
$659,646
64
24
19
15
Seller's
MI
Washtenaw County
$673,395
$685,544
52
15
13
38
Seller's
MI
Wayne County
$674,588
$624,033
75
18
11
21
Balanced
MN
Olmsted County
-
-
-
-
-
-
-
MN
Twin Cities
-
-
-
-
-
-
-
MO
Kansas City
-
-
-
-
-
-
-
MO
St. Louis
-
-
-
-
-
-
-
NC
Asheville
$779,788
$636,289
44
9
13
20
Seller's
NC
Charlotte
$660,200
$616,896
193
66
82
19
Seller's
NC
Lake Norman
$615,160
$601,625
27
8
10
29
Seller's
NC
Raleigh-Durham
-
-
-
-
-
-
-
NH
Rockingham County
$914,300
$945,954
54
14
18
21
Seller's
NJ
Bergen County
$1,221,078
$1,121,787
139
43
29
38
Balanced
NJ
Hudson County
$1,389,727
$1,268,000
116
46
29
15
Seller's
NJ
Morris County
$683,705
$635,175
56
28
39
16
Seller's
NJ
Ocean County
$993,446
$841,696
64
21
18
38
Seller's
NM
Taos
-
-
-
-
-
-
-
NV
Lake Tahoe
$1,405,704
$1,484,821
19
6
5
69
Seller's
NV
Las Vegas
-
-
-
-
-
-
-
NV
Reno
-
-
-
-
-
-
-
NY
Finger Lakes
-
-
-
-
-
-
-
NY
Nassau County
$1,578,917
$1,286,161
84
22
16
46
Balanced
NY
Staten Island
$622,003
$616,825
89
27
22
43
Seller's
NY
Suffolk County
$779,228
$628,175
122
42
53
36
Seller's
NY
Westchester County
-
-
-
-
-
-
-
OH
Cincinnati
-
-
-
-
-
-
-
OH
Cleveland Suburbs
-
-
-
-
-
-
-
OH
Columbus
$692,973
$637,260
100
27
27
16
Seller's
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
– 2023 LUXURY MARKET REVIEW – ATTACHED HOMES State
Market Name
Median List Price
Median Sold Price
Inventory
New Listings
Sold
Days on Market
Market Status
ON
GTA - Durham
$830,579
$836,408
35
26
14
13
Seller's
ON
GTA - York
$815,014
$767,708
288
194
91
17
Seller's
ON
Hamilton
$917,573
$899,549
33
19
8
15
Seller's
ON
Mississauga
$981,779
$938,205
131
91
44
17
Seller's
ON
Oakville
$1,335,845
$1,272,250
31
20
13
27
Seller's
ON
Toronto
$1,251,403
$1,126,458
947
549
201
16
Seller's
ON
Waterloo Region
$777,585
$759,883
43
26
16
19
Seller's
OR
Portland
$717,863
$645,575
230
75
46
24
Balanced
SC
Charleston
$1,210,301
$1,034,245
94
32
28
18
Seller's
SC
Hilton Head
$1,083,954
$1,004,550
29
8
13
38
Seller's
SC
The Grand Strand
$545,577
$524,850
213
67
62
67
Seller's
TN
Greater Chattanooga
-
-
-
-
-
-
-
TN
Knoxville
-
-
-
-
-
-
-
TN
Nashville
$759,538
$657,854
214
64
61
12
Seller's
$841,858
$767,600
355
101
43
42
Buyer's
-
-
-
-
-
-
-
$738,904
$671,017
163
59
42
23
Seller's
TX
Austin
TX
Collin County
TX
Dallas
TX
Denton County
-
-
-
-
-
-
-
TX
El Paso
-
-
-
-
-
-
-
TX
Fort Worth
-
-
-
-
-
-
-
TX
Greater Tyler
-
-
-
-
-
-
-
TX
Houston
$611,716
$581,763
109
46
30
21
Seller's
TX
Lubbock
-
-
-
-
-
-
-
TX
San Angelo
-
-
-
-
-
-
-
TX
San Antonio
$761,892
$770,253
39
9
3
104
Buyer's
TX
The Woodlands & Spring
-
-
-
-
-
-
-
UT
Park City
$2,012,667
$2,102,000
88
23
22
28
Seller's
UT
Salt Lake City
$642,141
$578,828
140
51
44
33
Seller's
UT
Washington County
-
-
-
-
-
-
-
VA
Arlington & Alexandria
$1,094,767
$1,003,446
75
40
51
13
Seller's
VA
Charlottesville
$655,877
$571,234
43
15
15
4
Seller's
VA
Fairfax County
$805,590
$710,779
128
73
130
8
Seller's
VA
McLean & Vienna
$1,212,444
$1,063,204
24
11
15
11
Seller's
VA
Richmond
$583,957
$569,309
81
24
25
11
Seller's
VA
Smith Mountain Lake
-
-
-
-
-
-
-
WA
King County
$1,248,396
$1,019,292
257
94
76
16
Seller's
WA
Seattle
$1,440,942
$1,210,290
128
41
26
23
Balanced
WA
Spokane
-
-
-
-
-
-
-
Markets with dashes do not have a significant luxury market for this report. Median prices represent properties priced above respective city benchmark prices. Prices shown for Canadian cites are shown in Canadian Dollars.
YOUR PATH TO SUCCESS IN
THE UPPER TIER
Become recognized with the mark of accomplishment, the Certified Luxury Home Marketing Specialist™ (CLHMS) designation. Give your clients the assurance that you have the knowledge, experience, competence, and confidence they require.
We’ve got your blueprint for success.
LuxuryHomeMarketing.com/training
BE THE LOCAL LUXURY EXPERT Looking to grow your sphere of influence with the affluent in your area? Learn how to position yourself as a market expert, attract affluent leads, and grow your referral business through The Institute's Luxury Home Marketing training.
LuxuryHomeMarketing.com/training
THE INSTITUTE FOR LUXURY HOME MARKETING certifies that
Diane Hartley completed the Luxury Home Marketing training on
December 1, 2020 and has earned the Certified Luxury Home Marketing Specialist™ designation for superior performance, achieved GUILD™ recognition for sales at or above one million dollars, and is a Member of The Institute for Luxury Home Marketing through
December 31, 2020
Diane Hartley, President
Copyright © 2024 Institute for Luxury Home Marketing | www.luxuryhomemarketing.com | 214.485.3000 The Luxury Market Report is provided by The Institute for Luxury Home Marketing. Luxury benchmark prices are determined by The Institute. This active and sold data has been compiled by various sources, including local MLS boards, local tax records and Realtor.com. Data is deemed reliable to the best of our knowledge, but is not guaranteed.