There's been a remarkable rise in the pricing of luxury home across the United States, and a new reports says the town of Surfside held the biggest sale in the first quarter of 2024.
A Redfin report found that, overall, luxury home prices in the US rose by 9% year over year -- which was twice as fast as non-luxury prices.
This is partly due to demand for high-end homes holding up better than non-luxury homes, according to Redfin.
Researchers say sales are growing for luxury homes and declining for non-luxury homes largely because so many affluent buyers are able to pay in cash, meaning today’s elevated mortgage rates don’t deter them from purchasing homes.
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Redfin's list released in April 2024 revealed that the penthouse of the The Surf Club Four Seasons was the most expensive home sold in the US in Q1, at $48,000,000.
The home, sold in March, is located along Collins Avenue and has five bedrooms and seven bathrooms. The unit spans 7,287 square feet, according to its Redfin listing.
The Four Seasons Residences offers access to all the five star services and amenities the resort has to offer.
10 most expensive US homes sales in Q1 2024
- Miami, FL (Surfside): $48M
- Seattle, WA (Medina): $38.9M
- Los Angeles, CA (Malibu): $38.5M
- Glenwood Springs, CO (Aspen): $37M
- Santa Maria, CA (Santa Barbara): $36.8M
- Hilton Head Island, SC (Yemassee): $35M
- Glenwood Springs, CO (Aspen): $33.5M
- West Palm Beach, FL (Lantana): $32.5M
- Santa Maria, CA (Santa Barbara): $32M
- Nashville, TN (Nashville): $32M
While Surfside had the most expensive home sale in the first quarter, further data revealed that Miami had the slowest speed of sales.
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Miami had 118 median days on the market, and Austin, Texas followed behind with 106.
Total supply of luxury homes rose 13% year over year in the US -- the biggest increase on record, and new listings soared nearly 20%. However, supply remains below pre-pandemic levels, which is part of the reason prices remain elevated, according to Redfin data.
