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Luxury Home Sales Hit 7-Year High

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Market Data + Trends

Luxury Home Sales Hit 7-Year High


October 14, 2020
Luxury home
Photo: Alexander

Luxury homebuyers kicked it up a notch in the third quarter, raising luxury home sales by 41.5%. The increase is the largest since 2013. Unlike expensive, medium, and affordable homebuyers, luxury buyers were able to reap the benefits of low mortgage rates and strong stock prices and move more easily, according to HousingWire. This increased the inventory for luxury homes as well, whereas other less expensive home options only decreased. The median sale price of a luxury home in the third quarter was $862,700. 

In Q3, the median sale price of luxury homes was $862,700; median sales price for expensive homes was $402,000; median sales price for medium-sized homes was $259,000; median price for affordable homes was $178,000; and the median sales price for the most affordable homes was $90,000.

Notably, the only market with increased inventory was luxury. The number of new homes for sale in this segment of the market was up 8.4% year over year, Redfin said. Meanwhile, the number of expensive homes for sale were down 2.6%; medium-priced homes for sale were down 7.9%; affordable homes for sale were down 7.6%; and the most affordable homes for sale were down 4.8%.

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