According to national property broker Redfin, the median sale price of luxury U.S. homes rose 9% year over year to $1.1 million in the third quarter, while the median sale price of non-luxury homes climbed 3.3% to $340,000. Both were at the highest level of any third quarter on record.
“Wealthy homebuyers have more tools to weather the storm of high mortgage rates,” said Redfin Senior Vice President of Real Estate Operations Jason Aleem. “Many of them can afford to pay in cash, meaning they’re escaping high mortgage rates altogether. Others are choosing to take on a higher rate and refinance later–an expensive option that isn’t feasible for a lot of lower-income consumers. Affluent Americans are still spending big, in large part because of pandemic savings and resilient housing and stock values.”
More than two in five (42.5%) luxury homes that sold in the third quarter were purchased in cash, up from just over one-third (34.6%) a year earlier. By comparison, just 28% of non-luxury homes that sold were bought in cash, little changed from the third quarter of 2022.
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