Luxury Home Market Today – Twin Cities

The luxury market is much more than stunning views, high-tech, and glam — it’s more about the best ways to elevate your lifestyle. If you are looking to advance your lifestyle within your home and are looking in the million dollar range, now is not a bad time to explore. 

The Number of Luxury Homes Is Growing

Luxury homes are generally considered to be in the top 5% price range in any area. Although it may not be a surprise to some, the average value of luxury homes has rose above one million dollars more recently, along with the amount of homes valued at $1m+ continuing to increase in the Twin Cities (see graph below):

This ultimately means that if you are in this price range, you have more options to choose from with a wider variety of styles. There are more homes to fit all different kinds of lifestyles today more than ever. 

Your Luxury Home Is an Investment

Purchasing a luxury home can lead to significant long-term wealth. With home prices on the rise, and predicte to continue that way, there are many investors in luxury real estate right now. According to the August Luxury Market Report:

“By the end of July, the overall growth in the volume of sales in 2024 stood at 14.82% for single-family homes and 11.35% for attached homes compared to the same period in 2023.”

Bottom Line

With an increase in both the value and options for million-dollar homes, your luxury market is growing. If you are looking for a luxury home and to start building your long-term wealth, I would be happy to get you started in the process and do some searching for you. Let’s get started – 612-590-1802 – Sooner or later, you’ll call Jim Slater! 

Source

Coldwell Banker Realty