Options Narrow for High-End Homebuyers: Q4 2024 Mid-Atlantic Luxury Housing Report

While elevated mortgage rates and home prices continue to put a damper on the housing market as a whole, luxury homebuyers in the Mid-Atlantic are facing a different challenge: a lack of available options in their desired price range. And although inventory is on the rise overall, Q4 2024 saw a drop in available homes in the luxury segment. Bright Research explores these findings and their implications in our latest quarterly report on the Mid-Atlantic’s high-end housing market.

?

Report Highlights

• Luxury sales were comparatively strong in Q4 2024.? They were up 7.2% over Q4 2023.
• Buyers are looking, but luxury listings are meager.? Active listings are down by 8.5% over last year.
• Luxury costs more than it used to.? Over the past two years, prices in the luxury market have increased faster than overall home prices.
• Despite tight inventory, luxury buyers have a little more room to negotiate.? Above-list sales were the lowest they’ve been in several years.
• Cash buyers drive transactions in the luxury market.? About one-third of all luxury homes sold in the fourth quarter were all-cash transactions.

?

Dive into the Data

Want even more valuable information about the luxury housing market in the Mid-Atlantic? Download the full report to explore the top 10 luxury and ultra-luxury markets of Q4 2024, discover the top 5 luxury sales, and more!

DOWNLOAD THE REPORT