The report from Redfin on the luxury housing market for Q3 2023 indicates a robust performance for luxury homes compared to non-luxury homes, with luxury home prices increasing by 9% year over year to a median of $1.1 million. This growth is almost three times faster than non-luxury home prices, which saw a 3.3% increase to a median of $340,000. A significant number of luxury home purchases, 43%, were made with cash, a rise from the previous year's 35%. This trend suggests affluent buyers are bypassing the high mortgage rates that have affected the broader market.
Luxury home sales have fallen by 10.6% year over year, but this is a smaller decline compared to non-luxury home sales, which dropped by 17%. Notably, Tampa, Florida, saw a significant 35.8% increase in luxury home sales, the highest in the country, attributed to a large number of cash buyers and new high-end condo constructions. Luxury new listings in Tampa increased by 13.9% year over year, outpaced only by New York.
At the metro level, luxury home prices rose most significantly in New Brunswick, NJ (15.3%), Virginia Beach, VA (11%), and Baltimore (8.7%). In contrast, the most considerable price decreases were in Austin, TX (-8.8%), Oakland, CA (-6%), and Seattle (-4.6%). In terms of supply, active listings of luxury homes increased most in Austin (46%), San Antonio (25.6%), and Nashville (22.9%). Conversely, they declined most in Cincinnati (-19.4%), Chicago (-18.3%), and Newark, NJ (-16.6%). New listings rose most in New York (17.1%) and Tampa, FL (13.9%)
Florida Cities Numbers
West Palm Beach, FL:
Median Sale Price: $2,917,000
YoY Change: +8.0%
Active Listings, YoY Change: +18.9%
New Listings, YoY Change: +5.4%
Homes Sold, YoY Change: +6.5%
Median Days On Market: 83
Orlando, FL:
Median Sale Price: $1,170,000
YoY Change: +6.4%
Active Listings, YoY Change: +2.4%
New Listings, YoY Change: +0.6%
Homes Sold, YoY Change: +1.4%
Median Days On Market: 25
Fort Lauderdale, FL:
Median Sale Price: $1,600,000
YoY Change: +4.9%
Active Listings, YoY Change: +3.2%
New Listings, YoY Change: -14.2%
Homes Sold, YoY Change: -16.2%
Median Days On Market: 84
Jacksonville, FL:
Median Sale Price: $1,295,000
YoY Change: +3.6%
Active Listings, YoY Change: +4.6%
New Listings, YoY Change: +2.2%
Homes Sold, YoY Change: +1.9%
Median Days On Market: 42
Miami, FL:
Median Sale Price: $2,850,000
YoY Change: +1.8%
Active Listings, YoY Change: +7.0%
New Listings, YoY Change: +8.3%
Homes Sold, YoY Change: -10.7%
Median Days On Market: 125
Tampa, FL:
Median Sale Price: $1,306,500
YoY Change: -3.2%
Active Listings, YoY Change: +22.5%
New Listings, YoY Change: +13.9%
Homes Sold, YoY Change: +35.8%
Median Days On Market: 23