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Published Date 5/20/2024

Exploding prices continue to define the luxury home market Value is — and always has been — in the eye of the beholder especially with the well-heeled homebuyer. Realtor’s Evan Wyloge reports that while luxury homebuyers may have wanted to snap up an oceanfront property in West Palm Beach four years ago at price tags of around $1.7 million, the then-significant sum was not out of line for Florida’s alluring coastline. Now? These same properties have swelled in value, reaching nearly $4.5 million. And West Palm Beach is not alone, according to Wyloge. It’s almost mind boggling that for the high end buyer, multimillion-dollar price tags are entry level, challenging even the most well-heeled buyers to recalibrate their visions of luxury living. Some of it is due to how the entire housing market was driven by rock-bottom mortgage rates and shifts in working and commuting patterns, making the luxury real estate market literally go crazy during the COVID-19 pandemic. “Across the U.S., luxury markets skyrocketed as many people sought larger homes and more space, farther from urban centers due to remote work flexibility,” says Wyloge. While some high end prices came back down or plateaued in some places, in others luxury price growth has continued unabated. Wyloge uses realtor.com data to identify the high-end markets that are still as hot as ever, tracking the most expensive 5% of all home listings, of any given city, then comparing their prices in April 2024 with April 2020, just as the pandemic pump began. Even though the median U.S. home list price rose over the past four years, the most expensive slice of the housing market has seen greater appreciation, with prices rising from around $1.5 million to about $2.2 million, according to Wyloge. Reach out for more! Realtor, TBWS

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