The typical U.S. luxury home sold for a near-record ,348,065 in April, up 6.5% from a year earlier, according to a report from Redfin.
For the three-month period ended in April, luxury home prices grew the most in West Palm Beach (+25.8%) and fell the most in San Francisco (-2.2%) — which also saw the biggest increase in sales of the 50 most populous metros, according to the firm’s data.
The luxury home market, however, is off to a rocky start this spring season due to record prices, elevated mortgage rates and economic uncertainty.
“Many luxury buyers are adopting a wait-and-see approach because of volatility across financial markets and shifting tariff policies,” says Sheharyar Bokhari, senior economist for Redfin, in the report. “These high-end buyers often sell stock to help with down payments, but many pressed pause on their home search when the stock market tumbled in April. As a result, what is usually a fiercely competitive space is cooling.”
Redfin defines luxury homes as those estimated to be in the top 5% of their respective metro area based on prices of homes sold over a rolling 12-month period, and non-luxury homes as those estimated to be in the 35th-65th percentile.
Pending luxury sales dropped nearly 10% in April, the largest decline since August 2023 and the lowest level for any April since 2014, according to Redfin.
Pending sales of non-luxury homes fell 3.4% to also hit the lowest April number since 2014.
Closed — or finalized — sales fell for both categories in April, with luxury home sales down 6.5% and non-luxury sales down 4.3%.
“Buyers looking at homes from $1.2 million up are almost non-existent right now,” says Meme Loggins, a Redfin Premier agent in Portland, Ore., where luxury sales are down more than 5% from a year
Share this article
