June 2024 Luxury Real Estate Report: Navigating U.S. Luxury Real Estate Market Trends

June 2024 Luxury Real Estate Report: Navigating U.S. Luxury Real Estate Market Trends

June 2024 Luxury Real Estate Report: Navigating U.S. Luxury Real Estate Market Trends

Navigating U.S. Luxury Real Estate Market Trends


Explore the latest trends in the U.S. luxury real estate market with our newest report. Discover key insights into regional market dynamics, significant shifts in property values, and the new areas entering the luxury and uber-luxury thresholds. Essential reading for investors and professionals navigating the complexities of high-end real estate.


Market Overview

The luxury real estate market in the United States has seen varied performance across different regions, with some areas showing significant growth while others face declines. This report provides a detailed analysis of these trends, focusing on regional variations, hotspots of growth, declining markets, and stable areas.


Regional Variations

1.West Coast:

The West Coast has experienced significant declines in several counties in California and Oregon. The deep red shading on the map indicates areas with up to -10% YoY decline. This downturn can be attributed to various factors, including economic uncertainties and changing buyer preferences.


There are notable increases in luxury real estate values, particularly in counties in New York, New Jersey, and Massachusetts. The dark blue shading indicates robust growth, suggesting these areas remain attractive to luxury buyers seeking stability and high-quality living standards.


The Southeast shows mixed performance. Some counties in Florida and Georgia are seeing positive growth, while others are declining. This regional disparity highlights the need for careful market analysis when considering investments in these states.


Hotspots of Growth

1.Northeast Corridor:

Strong growth is visible along the Northeast Corridor from Washington D.C. up through New York and into New England. This area benefits from its economic resilience, cultural attractions, and superior infrastructure, making it a prime location for luxury real estate investments.

2.Mountain States:

Counties in Colorado, Utah, and Idaho are showing significant positive growth. These emerging luxury markets are becoming increasingly popular due to their scenic beauty, outdoor recreational opportunities, and lower population densities compared to urban centers.


Declining Markets


Many counties, particularly in Northern California and along the coast, are experiencing declines. This trend reflects broader economic challenges in the state, including high living costs, regulatory hurdles, and a shifting demographic landscape.


Several counties in Texas, especially around major metropolitan areas like Houston, are also seeing declines. Factors contributing to this downturn include economic fluctuations, energy market volatility, and increasing competition from other regions.


Stable or Mixed Areas


The Midwest generally shows more stability, with fewer extreme changes in either direction. This stability makes it a reliable market for investors seeking steady returns without the volatility seen in other regions.


Detailed Regional Analysis


West Coast


The luxury real estate market in California is facing significant challenges. Northern California, in particular, is seeing up to -10% YoY declines. Coastal areas are also affected, with high property prices and stringent regulations contributing to the downturn. Despite these issues, areas with tech-driven economies like Silicon Valley remain resilient, although growth is slower compared to previous years.


Similar to California, Oregon’s luxury market is experiencing declines. The economic impacts of the pandemic, coupled with shifts in buyer preferences towards more affordable and spacious properties, have driven down prices in traditionally high-demand areas.



New York:

Luxury real estate in New York shows robust growth, particularly in counties like Westchester and Nassau. The post-pandemic era has seen a resurgence in demand for suburban properties offering more space and privacy, driving up property values.

New Jersey and Massachusetts:

Both states are benefiting from their proximity to major economic hubs. Counties in New Jersey, such as Bergen and Morris, are seeing increased interest due to their blend of suburban tranquility and accessibility to New York City. Massachusetts, with counties like Middlesex and Norfolk, continues to attract buyers looking for a blend of historical charm and modern amenities.




The luxury market in Florida is mixed. Counties like Miami-Dade and Palm Beach are seeing positive growth due to their appeal to international buyers and retirees. However, other areas are not performing as well, reflecting broader economic uncertainties and environmental concerns.


Georgia’s luxury market also shows mixed results. Metro Atlanta continues to grow, driven by its strong economy and cultural offerings. In contrast, more rural areas are facing declines, highlighting the uneven nature of the market.


Mountain States

Colorado, Utah, and Idaho:

These states are emerging as new hotspots for luxury real estate. The appeal of wide-open spaces, outdoor lifestyles, and lower population densities is driving growth. Counties such as Pitkin in Colorado, Summit in Utah, and Blaine in Idaho are experiencing notable increases in property values.


The luxury real estate market in June 2024 is marked by significant regional variations and evolving buyer preferences. By understanding these dynamics and focusing on emerging trends, investors can navigate the complexities of the market and maximize their returns. Whether it’s the stability of the Midwest, the growth in the Northeast Corridor, or the emerging markets in the Mountain States, opportunities abound for those who are well-informed and strategic in their investments.


Looking for our latest 12 month forecast down to the zip code? Follow this link

Year over Year National Luxury Real Estate Report Map:

Real estate luxury leaders - screenshot 2024 06 13 at 10. 55. 18 am

Here are the recent Luxury Real Estate Report numbers for the data hounds:

Luxe Report Data June 2024

Methodology for RE Luxe Leaders Luxury Real Estate Report

The data used in the report is focused on the top one-third of markets in the United States, and is collected on a monthly basis. The data is used to identify trends in luxury real estate at the area level, rather than focusing on individual properties. The report aims to provide insight into luxury real estate trends across the country, by analyzing data from the most affluent and desirable markets in the United States.


We divide and define the US National Luxe Real Estate into three categories for our Luxury Real Estate Report:  

  1. Executive Class.  Areas where properties currently average sold prices of $750,000 and higher.
  2. Luxe.  Areas where properties currently average sold prices of two million dollars and higher.
  3. Ultra-Luxe.  Areas where properties currently average sold prices of five million dollars and higher.


 Luxury Real Estate Report: Parting Thoughts

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Chris Pollinger

Chris Pollinger - Senior sales and operational executive skilled in strategic leadership, culture building, business planning, sales, marketing, acquisitions, operations, recruiting, and team building. An entrepreneur at heart, his pragmatic and street fighter style drives low cost/high yield creative solutions to drive the bottom line. With 25+ years real estate management and executive experience, he delivers a proven track record of improving ROI, sales revenue, operational efficiency and achieving company growth through strategic analysis, planning, and execution.