Luxury home sales rose by 5.2% in the first half of 2024, with median prices increasing by 14.2%, while the broader housing market saw a decline in sales. Wealthy buyers, less reliant on mortgages, are driving the luxury market, with 50% of purchases in Q1 made in cash. Over the next decade, $31 trillion in wealth will be transferred to younger generations, including Millennials and Gen X. These trends highlight the distinct dynamics in the luxury segment compared to the broader market.
Contact Westside Los Angeles Luxury Real Estate Broker Abdo Pierre Faissal at Nourmand & Associates for more information
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