The Luxury Housing Market in the U.S. Has Dropped 24 Percent From Last Year

“The luxury market is definitely hurting in terms of transactions,” Daryl Fairweather, the chief economist at Redfin, told the. “Even when you compare it to the rest of the market, it’s looking like luxury has really cooled off.”

The downward spiral is due to a few different factors: Buyers are less eager to snap up properties thanks to inflation and the vicissitudes of the stock market. Meanwhile, homeowners don’t want to give up the low mortgage rates they secured a few years ago, or potential sellers are worried about not being able to find a new property within their budget. That combo—of fewer buyers and sellers—has left the luxury market struggling.

Several cities that were hot in 2020 and 2021 have cooled down significantly. Miami saw the largest drop-off, with a year-over-year decline of more than 40 percent for the three months ending June 30, according to the Redfin report. Both New York City and Los Angeles saw a 36 percent reduction in luxury transactions, while Chicago experienced a 34 percent plunge.The Wall Street JournalSome sellers have found a way to manipulate the market, though: lowering prices.

So while it may hurt, settling for a little bit less may be the only way to get a multimillion-dollar manse off your hands in this environment.

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