Luxury Home Sales Jump by Double Digits in Q3
In the third quarter of 2024, luxury home sales in markets north of New York City saw significant growth, with double-digit increases in Westchester, Putnam, and Dutchess counties. The lower end of the luxury market experienced the bulk of the activity, while sales of homes priced above $5 million slowed.
|
Westchester County Luxury Sales |
($2M and Higher) |
|---|---|
|
Homes Sold: |
Up 23.9% |
|
Median Sale Price: |
Down 3.4% |
|
Q3 Highest Sale Price: |
Ralph’s Take
The ongoing strength of the stock market, combined with a recent decline in interest rates, offers promising signs for the luxury real estate market. However, with the presidential election just a month away, uncertainty lingers as luxury buyers often delay decisions until after the results. This hesitation stems from the unpredictability elections bring to economic policies, tax laws, and overall market stability, which can directly influence high-net-worth individuals and their real estate investments, including potential changes to capital gains and income taxes.
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