Luxury Home Prices Rise While Inventory Dwindles – NMP Skip to main content

Luxury Home Prices Rise While Inventory Dwindles

Oct 27, 2017
Home prices were up by seven percent on a year-over-year measurement in September, according to new data from CoreLogi

Luxury home prices were up by 4.9 percent year-over-year in the third quarter to an average of $1.71 million, according to the latest luxury market report from Redfin. In comparison, the average price for non-luxury homes was $336,000 in the third quarter, up 5.3 percent year-over-year.
 
While prices were up, inventory was not. The number of homes for sale priced at or above $1 million fell 18.1 percent compared to the same period last year, marking two consecutive quarters of a decline in the number of high-end homes for sale. And the number of homes priced at or above $5 million dropped by 19 percent during the same period. This marked the first quarter in which luxury inventory fell year-over-year in the three years that Redfin has analyzed this sector.
 
“There is still strong buyer demand for high-end homes,” said Redfin Chief Economist Nela Richardson. “Despite declining inventory, luxury sales soared in the third quarter. Sales of homes priced at or above $1 million were up 11 percent from a year ago, while sales of homes priced at or above $5 million were up almost as much at 10 percent.” 

 
About the author
Published
Oct 27, 2017
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026