Luxury home prices climbed nine percent year over year — twice the rate of non-luxury prices — while the luxury home supply increased by 13 percent, a record spike, according to Redfin.
During the first quarter of 2024, the median price of U.S. luxury homes stood at $1.2 million, and the country's most expensive home sale occurred in our backyard. (The report does not appear to consider off-market transactions, which often occur among high-end purchases with wealthier buyers.)
In late March, the 7,300-square-foot penthouse at the Four Seasons Residences at The Surf Club on Collins Avenue fetched $48 million. The luxury unit boasts five bedrooms, seven bathrooms, a yoga room, spa, gym, outdoor garden, and a 75-foot-long rooftop pool overlooking the "vast blue horizons of the Atlantic Ocean," as the listing describes it. The waterfront property was originally listed for $55 million in November 2023.
"A culinary haven, the kitchen is equipped with Boffi cabinetry, Miele, Viking & SubZero appliances & abundant storage. In the primary suite, pure elegance awaits. Its sleek bathroom is adorned with white onyx, free-standing tub & oversized shower," the listing reads.
![Rooftop pool in a luxury condo](https://media2.miaminewtimes.com/mia/imager/u/blog/19661324/redfin_surfside_condo_photo2.jpg?cb=1714099159)
Luxury pool atop a Surfside condominium penthouse
Listing photo via Redfin
Despite the high prices, luxury home sales nationwide have increased two percent year over year. The Redfin report defined luxury homes as those within the top five percent of a metro area's market value while non-luxury homes were those falling within the 35th to 65th percentile market value.
"New listings of luxury homes are soaring but not enough to curb the price growth that comes with rising demand; the total supply of luxury homes is still far below pre-pandemic levels," the report says.
On the other hand, non-luxury home sales have not risen since 2021. When compared to the first quarter of 2023, non-luxury sales decreased by four percent as demand took a hit owing to elevated mortgage rates.
![Living room inside a luxury condo overlooking the ocean in Surfside, Florida.](https://media1.miaminewtimes.com/mia/imager/u/blog/19661455/redfin_surfside_condo_photo3.jpg?cb=1714099159)
The Four Seasons Residences penthouse in Surfside has five bedrooms and 7,300 square feet of living space.
Listing photo via Redfin
The median sale price in the Miami-metro luxury housing market increased by more than 11 percent as compared to last year's first quarter. However, the speed of Miami's luxury home sales was the slowest among the 50 most populous U.S. metro areas, with a median time on the market of 118 days. The number of high-end homes sold in the Miami metro area fell by nearly 3 percent, while the number of new listings increased by roughly 23 percent year over year.
In Fort Lauderdale, the analysis found, the number of new luxury home listings rose by 31 percent and the median sale price increased by 9 percent.
Jacksonville had the largest year-over-year spike in new luxury home listings nationwide at nearly 64 percent.