Market Update & 2024 Luxury Outlook Report

As we begin 2024, we continue to see a lower than average inventory of existing homes for sale. Home prices rose faster in December than they have in more than a year. Falling mortgage rates brought more buyers into the market in December, but they faced the same challenges for the past two years, a lack of homes to choose from. Some of our markets are beginning to experience a slight uptick in listings, which is good news for the buyers who have been patiently waiting for inventory to increase. Closed sales, active listings, days-on-market, and months of available supply are key indicators as we look to the spring real estate market.

The Sotheby’s International Realty 2024 Luxury Outlook Report provides an overview of industry trends in high-end residential markets around the world and highlights what you can expect in the year ahead. As buyers are acclimating to the new normal of higher interest rates, high-end home seekers are expanding their searches to more parts of the globe. In this report, we explore topics from emerging markets including Saudi Arabia and Mexico City to the newest tech tools currently influencing the real estate industry. We know buyers and sellers want to spend—and earn money—wisely, and staying well-informed is just the way to do it. I hope that this compilation of research and industry perspectives helps you as you look to invest your equity wisely in the year ahead.

READ THE REPORT

Our latest market reports for Coastal Delaware and Coastal Maryland are available below. These reports offer insight into the factors driving current sales trends throughout our region.

COASTAL DE MARKET REPORTS

As always, I'm here to help. Don't hesitate to call to discuss any questions you may have or assist in connecting you with a Sotheby's International Realty expert in another part of the country or world. -Henry