The Luxury Real Estate Market Report is an annual analysis of the 10 highest-grossing luxury real estate transactions in each of the top 56 U.S. high-end property markets. The luxury real estate market operates differently from the broader housing market, where properties sit in inventory for months and pricing expectations don’t always align with buyer demand.
With 10 years of data, this report provides buyers, sellers, and agents with actionable information for sharper decisions. This edition also presents decade-long trends for top geographies, covering sales prices, days-on-market, and overall market performance.
Five key findings in the U.S. luxury property market
Our findings come from tracking the 10 highest-grossing transactions every year across 56 luxury real estate markets over the past decade. Updated annually, they reflect the luxury real estate market trends shaping the segment and what the data has consistently shown across every region we track.
Sales prices have peaked, but the trends remain positive
While prices are slightly below their 2021 peak, the decade-long growth trend in luxury real estate is consistent:
Average sale prices for luxury homes were up 4.7% in 2024 compared to 2023, continuing a steady 10-year rise.
Demand remains resilient across many high-end property markets. Waiting longer doesn't necessarily translate to higher prices.
A consistent gap between listing price and sale price
Luxury properties often sell below their initial asking prices:
Sellers often start with overly ambitious prices, but they sell, on average, 13% below the initial listing prices.
Properties sold within 180 days achieve about 94% of the asking price, compared to 81% for those on the market longer.
Aggressive pricing without a set closing date often leads to deeper discounts and lost value.
Our auction process introduces a firm deadline, helping sellers capture stronger offers while reducing risks.
The finest properties take significantly longer to sell
The luxury real estate market is defined by longer selling times compared to the broader market:
Luxury homes in the U.S. average 319 days on the market, while the median U.S. property sells in 60 days or less.
Smaller buyer pools, unique property features, and higher price points all contribute to longer transaction times.
This pattern holds true across all regions. If your property has been sitting without serious offers, consider a live auction to accelerate the process and achieve more favorable selling prices.
Time on market directly affects final sale price
The longer a property stays on the luxury housing market, the greater the impact on its ultimate selling price:
Properties that sell within 180 days average just 89 days on market, while those that take longer spend an average of 519 days listed.
In 2024, fast-selling luxury properties averaged a 7% discount to listing price, while slower sellers accepted nearly 20% off.
Selling slowly is expensive and time-consuming
Extended market exposure is costly in ways that compound quickly:
Ongoing costs such as mortgage interest, property taxes, insurance, and maintenance quickly add up while a property sits on the market
Capital remains tied up in one set, limiting flexibility for future investments or acquisitions
Drawn-out sales take a psychological toll, consuming time, energy, and attention
Sell within 60 days with Concierge Auctions, which sets a firm close date for the sale, reducing uncertainty and focusing buyer interest. Learn more about our methodology to find out how we can make that happen.
What this means if you’re considering selling
The luxury real estate market data shows that the finest properties that sell quickly achieve higher prices.
Luxury property auctions create urgency with defined timelines and concentrate buyer attention through pre-qualified buyer pools, delivering stronger results than open-ended listings can achieve.
The Concierge Auctions model is built on these principles, proven across more than $5 billion in auction sales spanning 35 countries.
Explore the U.S. luxury real estate trends by region
Explore how luxury property market trends vary across the U.S. Each regional profile highlights unique market dynamics, including sale prices, days-on-market, and long-term performance.
Southern California
Home to globally recognized markets like Beverly Hills, Malibu, Bel Air, and Orange County, Southern California continues to be one of the most closely watched luxury real estate markets in the world.
Northwest Coast
From San Francisco and Palo Alto to Seattle and surrounding markets, the Northwest Coast combines technology-driven wealth and coastal prestige with some of the country's highest property values.
Central
The Central region has a mix of mountain towns, ranch settlements, and luxury cities. Each market is shaped by different buyer needs and lifestyles.
Southern States
Unlike many regions that experienced volatile sales prices, the Southern States sustained a steady upward trend over the past decade, forming a consistently growing luxury real estate market cluster.
New England
As one of the more affordably positioned regions in the luxury real estate market report, New England combines historic estates, coastal properties, and established wealth centers to gain a standing within the segment.
Find out if your listing is suitable for auction
See if your property qualifies for auction.
Expand your pool of luxury buyers
Get a tailored marketing campaign
Speed up property sales