The Global Luxury 2024 Mid-Year Report has found, after speaking with hundreds of luxury agents and consumers across the country, that optimism in the market as we move into Q4 and beyond is high. Across the nation, the optimism is highest in the Northeast with 91.42% of people surveyed expressed this sentiment. 68.6% of agents are predicting prices will remain stable, and 60% are predicting slight increases in inventory - which is on track with how the market has been trending in the first half of 2024.
Another reason to be optimistic about the market is the rate at which home buyers are paying cash: 32%, which is the highest rate since 2014, according to the National Association of REALTORS® (NAR). There has also been a noticeable shift in pricing strategies from 2021 through the first half of 2022; as rates increased and the market became less certain, sellers adjusted their expectations. Buyers adjusted as well, moving from holding out for the perfect rate or home to making decisions that best fit their lifestyles. The industry's top professionals expect these trends to continue, especially after the 2024 election cycle.
