Published July 18, 2024
July 2024 Flagstaff Luxury Real Estate Market Report
The report is a guide to the luxury real estate market in North America and Flagstaff. It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States.
- This month’s report displays the market statistics for North America month over month as well as the 13-month trend.
- We take a mid-year review of 2024 to gain perspective and insights on the first half of the year.
- We discover why at the halfway point of 2024, the luxury real estate market in North America has largely returned to a seller's market after a slow start.
- Understand the significance of June's statistics that show 95 out of 150 single-family home markets favoring sellers, and a similar trend in attached properties.
- And the importance of sales that have surged significantly since January, despite slight year-over-year decreases in June.
- While reviewing why rising Inventory levels are creating more opportunities for buyers, although still remain below traditional norms.
- We delve into the key trends driving the market including wealth accumulation increased inventory, sustained demand, lifestyle changes, and a growing preference for customization and sustainability in homes.
- Looking ahead, the luxury market is expected to evolve with changing consumer demands and technological advancements.
- Buyers are seeking premium properties tailored to their needs, while sellers must recognize that overpriced properties are unlikely to sell.
- Despite high purchase costs, real estate remains a consistent long-term investment, providing security and a haven for families.
Take a look at our latest local City Report:
NORTHERN AZ LUXURY HOMEOWNER ADVICE
For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.
GET IN TOUCH
It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the Flagstaff luxury market effectively to achieve your goals. Contact us at kelly.broaddus@exprealty.com or call 888.446.5602.
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