The median luxury home sale price rose 4.7% year-over-year to $1.37 million during the three months ending May 31, according to a data report from Redfin. That surge is more than triple the 1.5% gain in non-luxury sale prices.
Pending sales of luxury homes rose 5.2% year-over-year during the same period, which marked the largest gain since December 2024. In comparison, there was only a 3.6% gain in non-luxury pending sales, which is a deceleration from the month before.
Luxury home prices in Tampa rose 15.6% year-over-year, the greatest increase of the 50 most populous metros, followed closely by Miami at 14.2%. By contrast, non-luxury prices fell 0.5% in Tampa, and they fell 0.7% in Miami. San Francisco led the nation with pending sales of luxury homes, recording a 45.9% year-over-year spike, followed by Nashville’s 24.5% increase and San Diego’s 22.5% upswing. Active luxury listings were highest in the Detroit suburb of Warren, Michigan (20.5%), Seattle (13.9%) and Detroit (12.8%).
“The luxury market has been immune to the housing slowdown, especially in the most desirable, beachfront areas,” said Mike DeMello, a Redfin Premier agent in Honolulu. “Affluent buyers who can afford luxurious homes are often insulated from things like high mortgage rates and economic uncertainty. Meanwhile, a lot of locals are choosing to rent because prices and rates are simply too high to buy.”
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