The luxury housing market is still red hot. A typical luxury home sold for $1.18 million in the second quarter of 2024, up 8.7% from the same period a year earlier, according to a new report from Redfin. Prices of non-luxury homes rose up 3.8% to a median price of $342,500.
Redfin defines luxury homes as those estimated to be in the top 5% of their respective metro area, based on market value, and non-luxury homes as those estimated to be in the 35th-65th percentile based on market value.
