Q4 2017 Luxury Home Prices Up

Jan 25, 2018

Luxury home prices were up by 7.4 percent year-over-year to an average of $1.76 million in the fourth quarter of 2017, according to new data Redfin. In comparison, the average price for non-luxury homes was $333,000, up 6 percent compared to a year earlier.

Sales of homes priced at or above $1 million were up 15.2 percent from a year ago, and sales of homes priced at or above $5 million were up 13.7 percent. Luxury homes found buyers in an average of 75 days, eight fewer days than in the fourth quarter of 2016. However, inventory problems were persistent in this sector: The number of homes for sale priced at or above $1 million fell 23.8 percent from one year earlier, marking three consecutive quarters of declines, while the number of homes priced at or above $5 million were down 23.4 percent.

Two Florida markets, Sarasota and Delray Beach, saw the greatest increases luxury prices during the fourth quarter with 45.6 percent and 41.3 percent year-over-year spikes, respectively. San Francisco posted the largest year-over-year decline in luxury home prices, down 12 percent to an average $5.03 million.

"The stock market hit all-time highs with gains in nearly every sector last quarter, instilling confidence among the wealthiest homebuyers," said Redfin Chief Economist Nela Richardson. "As a result, we saw double-digit growth in luxury home sales in the last months of the year."

About the author

Phil Hall

Link copied

Published

Jan 25, 2018

Courts

UWM Seeks More Than $500M From Two Harbors After Failed Deal

Lender alleges Two Harbors undermined their merger and steered the company toward CrossCountry, turning a costly acquisition failure into a federal court fight

The fight over Two Harbors Investment Corp. did not end when shareholders approved its sale to CrossCountry Mortgage.Now United Wholesale Mortgage wants damages.UWM Holdings Corp. and UWM Acquisitions 1 LLC sued Two Harbors in federal court Monday, seeking more than $500 mil...

Wholesale

UWM Offers LOs 90-Bps Incentive On One Agency Loan

Bullseye 90 can be applied to a conventional or government purchase or refinance loan through Sept. 8

United Wholesale Mortgage is giving each loan originator a one-time, 90-basis-point pricing incentive to use on a qualifying agency loan.The wholesaler’s new Bullseye 90 program applies to new locks from Aug. 5 through Sept. 8 on conventional, FHA, VA, and USDA purchase and ...

Sep

San Francisco, CA

More from

Industry News

The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News

Jul 30, 2026

New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News

Jul 15, 2026

First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News

Jul 10, 2026

Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News

Jul 09, 2026

June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News

Jul 02, 2026

NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News

Jul 02, 2026

Popular