October Bay Area Luxury Market Report: Behind the Numbers
As we move deeper into fall, it’s time to reflect on the latest trends shaping the Bay Area luxury real estate market. 2024 has been a dynamic year, and if the past few months are any indicator, the luxury market shows no signs of slowing down.
Top Luxury Home Sales Across the Bay Area
The numbers this month are truly impressive.
San Francisco is leading the pack with an off-market sale in Pacific Heights for a staggering $70 million—the highest sale in the region. Across the Bay Area, we’re seeing robust activity:
Monterey came in second with a $28 million sale in Carmel, while
San Mateo followed with a $29 million sale in Atherton.
These top-tier transactions highlight the continued demand for luxury properties in prime locations. If you’re thinking of buying or selling in this exclusive market, now is the time to act.
San Francisco’s Luxury Market: A Strong Start to Fall
Autumn has traditionally been a time when the luxury market picks up after the summer slowdown, and this year is no different.
While spring 2024 set the tone for high-end sales, April saw the highest number of transactions for homes priced at $5 million or more. These seasonal patterns are critical to understanding when to list a property or find your dream home in San Francisco’s highly competitive market.
Luxury Home Sales by Price Segment: The Big Picture
Taking a step back, we can see how the luxury market breaks down by price segment.
While only a tiny fraction of sales (0.2%) were for homes priced above $10 million, the $2 million to $3 million range made up a significant portion of transactions. This tells us that while ultra-luxury homes capture attention, there is steady and strong demand for properties in the lower luxury brackets, too.
The $3 Million+ Market: Consistent Growth
Sales of homes priced over $3 million have seen notable growth this year.
In fact, Q2 of 2024 recorded a 39% increase in sales year-over-year, making it the strongest quarter for this segment since the peak of the pandemic real estate boom in 2022. Despite interest rate fluctuations and market volatility, demand for high-end homes continues to rise.
San Francisco’s Luxury Condo & Co-op Sales
Beyond single-family homes, the luxury condo and co-op market is also thriving.
In May 2024, sales rebounded after a dip earlier in the year, reflecting renewed interest in these types of properties. With more than 23 condos priced at $5 million or more currently listed, San Francisco’s luxury condo market remains a solid investment for those looking for a combination of urban living and high-end amenities.
Looking Ahead
As we head into the final quarter of 2024, it’s clear that the Bay Area’s luxury market is continuing to evolve. Whether you’re looking to buy, sell, or simply stay informed, now is the time to understand these trends and how they might affect your next move. Stay tuned for more updates, and don’t hesitate to reach out if you have any questions!
Stay tuned for more updates, and feel free to reach out if you have any questions or need personalized insights.
