Luxury Home Prices Spike 9% to All-Time High

According to Redfin, luxury home prices in the U.S. have soared to a record $1.18 million, an 8.8% increase from last year and the largest in nearly two years. Luxury homes, defined as the top 5% in market value of their metro area, are in high demand with limited supply. In contrast, non-luxury home prices rose 3.8% to $342,500. Key findings from the report include:

  • Inventory: Luxury inventory rose 9.7%, marking the 4th consecutive quarter of growth, yet still below pre-pandemic levels.

  • Cash Purchases: This spring, 43.7% of luxury homes were bought with all cash, a slight increase from 43.2% during the same period last year.

  • Days on Market: Luxury homes remained…

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Two Key Terms of a ‘Highest and Best’ Offer

Most buyers are familiar with the traditional terms of an offer to buy a home. They include the purchase price, down payment amount, financing details, desired closing date, and any inclusions or exclusions of items such as furniture or fixtures. However, there are two key terms that can help influence a seller’s decision during “Highest and Best” situations:

Escalation Clause: Allows a buyer to automatically increase their bid if a competing offer is higher. They should always include an initial offer, the increase amount, cap, and a request for verification of the competing offer which triggered the escalation.

  • Example: Let's say a buyer offers $800,000 for a home…

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This Island Home in Greenwich Includes Two Boston Whaler Boats

This unique property offers sweeping views of Long Island Sound and includes its own island, boat dock, and two boats. The half-acre features mature trees, perennial gardens, a gazebo with a fireplace, and water sports amenities. Enjoy coastal New England living with proximity to NYC. Read More Courtesy of OneKey MLS


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