Overview
- Redfin reports luxury prices rose 5.5% year over year to a $1.28 million median, versus a 1.8% rise to $373,249 for nonluxury homes.
- Sales ticked up but stayed near decade lows, with luxury transactions up 2.9% and nonluxury up 0.7%, as pending sales also inched higher.
- Inventory expanded to multi-year highs, with nonluxury supply up 9.5% to the highest since October 2019 and luxury listings up 6.4% to a five-year peak.
- Homes took longer to sell, with typical days on market rising to 58 for luxury and 45 for nonluxury, and a smaller share going under contract within two weeks.
- Regional trends diverged: prices jumped most in Warren, Michigan, and Milwaukee, while declines appeared in Tampa and Oakland, with sales strongest in Nashville and weakest in Philadelphia.