Luxury homes are notorious for taking longer to sell than their median-priced counterparts. According to the latest data from Concierge Auctions, the leading luxury real estate auction house in the world, the average luxury home spends a whopping 319 days on the market, a staggering 400% longer than the average time it takes to sell a median-priced home. **A Unique Market**
Selling luxury real estate is not like selling ordinary assets. As Chad Roffers, CEO of Concierge Auctions, explains, each property is unique, cannot be easily relocated, and is by definition expensive. This uniqueness makes it challenging for buyers to find a property that meets their specific needs and budget. The market is therefore slow, with few relevant buyers interested in a particular property at a particular time.

• According to Concierge Auctions, 54% of luxury homes sold in 2024 spent more than 180 days on the market.
• 1 in 8 residences took more than 600 days to sell.
• 4% of properties sold took more than 1,000 days to sell.

1. Those that sold faster were more likely to achieve a sales price closer to the asking price, averaging about 87% of the original list price.
2. A sales price that is higher than the asking price is often the result of a bidding war among multiple buyers.

The good news for luxury home sellers is that sales prices were up 4.7% last year compared to 2023. While this growth may not have reached the peak set in 2021, Concierge Auctions expects the upward trend to continue. The strongest growth is being seen in Florida, where prices rose 30.2%, along with the Northwest Coast and Southern cities like Atlanta, Dallas, and Nashville.

While there is some optimism in the market, there are also concerns about the economic impact of President Donald Trump’s tariffs. Several multimillion-dollar deals have fallen through in recent weeks, as potential buyers grapple with whether to purchase a new home at this time.

“The current market conditions are making it challenging for buyers to make a decision,”

said a real estate expert. Why the Slowing Down of Luxury Sales?
While it may seem like the luxury market is slowing down, it’s actually growing significantly since 2015, when Concierge Auctions began tracking this data. The average sales price has jumped an impressive 44.2% over the past decade. This growth is a testament to the enduring demand for luxury real estate, even in uncertain economic times. Despite this growth, the market has experienced a slowdown in recent months. In areas like the East Coast and Southern California, prices have fallen, while markets like the Northwest Coast and Southern cities have seen significant growth. Key Takeaways

• Luxury homes take significantly longer to sell than median-priced homes, with an average of 319 days on the market.
• Sales prices were up 4.7% last year compared to 2023, despite a slowdown in market activity.
• The strongest growth is being seen in Florida, the Northwest Coast, and Southern cities like Atlanta, Dallas, and Nashville.
• The luxury market is growing significantly since 2015, with an average sales price increase of 44.2%.

Luxury real estate refers to high-end properties that are typically valued at over $1 million.

A bidding war occurs when multiple buyers compete to purchase a property, often driving up the sales price.

A sales price that is higher than the asking price is often the result of a bidding war among multiple buyers.

The luxury market refers to the high-end real estate market, which includes properties valued at over $1 million.