Prices for luxury homes in the United States have reached a record high, rising nearly nine percent in the first quarter of 2024, twice as much as the prices of non-luxury homes.
A report from Redfin discovered that the median price of a luxury home in the U.S. was roughly $1,225,000 during the first quarter of the year, signifying an 8.7 percent increase from a year ago. Meanwhile, the median price for non-luxury homes was roughly $345,000, a 4.6 percent increase from a year ago.
Redfin’s report classified luxury homes as “estimated to be in the top” five percent of their “respective metro area based on market value.” Non-luxury homes however were defined as homes “estimated to be in the 35th and 65th
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