Coldwell Banker's Global Luxury Division has released the 2024 Mid-Year Report: Market in Review. According to the data and research compiled over the last 18 months, the luxury market remains strong with prices and inventory up slightly, but definitively from 2023 to 2024.
With single family homes, the price has been up consistently every month in 2024 compared to the same month in 2023, with inventory increasing as well. The average days on market is slightly higher at 29 days in 2024 compared to 26 days in 2023. The trends indicate the single family homes market shifting from a balanced market to more of a seller's market.
The luxury condo market is indicating similar trends, with the price, $/sq ft and inventory levels up from 2023 and the days on market also up slightly by 29 days compared to 27 in 2023. Our Global Luxury division sees this market shifting from a buyer's market to a more balanced market. With talks of rate cuts by year's end, we anticipate the balance shifting even further.
