Luxury Pending Home Sales Fall 10% to Lowest April Level in Over a Decade as Stock Market Volatility Sidelines Wealthy Buyers
- The typical U.S. luxury home sold for $1,348,065 in April, up 6.5% from a year earlier, but down slightly from the record high set in March.
- Economic uncertainty is pushing high-end buyers to the sidelines, with pending sales of luxury homes down 9.9% year over year. That is the largest annual decline since August 2023 and the lowest level for any April since 2014.
- The typical luxury home sold in 52 days in April, virtually unchanged from 51 days a year ago. In comparison, non-luxury home sales took considerably longer, with the median days on market increasing to 45 from 39 a year ago.
- Luxury home prices grew the most in West Palm Beach (+25.8%), and fell the most in San Francisco (-2.2%)—which also saw the biggest increase in sales of the 50 most populous metros.
The typical U.S. luxury home sold for a near-record $1,348,065 in April, up 6.5% from a year earlier, as pending sales dropped to the lowest level in over a decade amid economic uncertainty.
Non-luxury home prices grew 4.1% to a record high median of $374,598.
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Redfin’s price-tier data is calculated in rolling three-month periods. The three-month period in this report covers February-April. Luxury homes are defined as those estimated to be in the top 5% of their respective metro area based on prices of homes sold over a rolling 12-month period, and non-luxury homes as those estimated to be in the 35th-65th percentile. Data is subject to revision.
The spring homebuying season is off to a rocky start across all price points, with homebuyers facing record prices, elevated mortgage rates and economic uncertainty—and the luxury market is no exception.
“Many luxury buyers are adopting a wait-and-see approach because of volatility across financial markets and shifting tariff policies,” said Redfin Senior Economist Sheharyar Bokhari. “These high-end buyers often sell stock to help with down payments, but many pressed pause on their home search when the stock market tumbled in April. As a result, what is usually a fiercely competitive space is cooling.”
Pending luxury sales drop nearly 10%, the largest decline since August 2023
Pending sales of luxury homes fell 9.9% last month from a year earlier, the largest annual decline since August 2023 and the lowest level for any April since 2014.
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Pending sales of non-luxury homes fell 3.4% to also hit the lowest April number since 2014.
Closed—or finalized—sales fell for both categories in April, with luxury home sales down 6.5% and non-luxury sales down 4.3%.
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“Buyers looking at homes from $1.2 million up are almost non-existent right now,” said Meme Loggins, a Redfin Premier agent in Portland, OR, where luxury sales are down more than 5% from a year ago. “Even in nice areas, high-end homes are selling really, really slow. If I have a buyer who finds the perfect house and is ready to make an offer, they tend to sleep on it for a little, and then they come back to me and say ‘nope, I think we’ll wait and see if the price comes down.’”
Luxury home inventory soars to highest April level in four years
The number of luxury homes on the market grew 7% last month to the highest level for April since 2021.
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The number of non-luxury homes for sale grew more than twice as fast (14.7%) to reach the highest April level since 2020.
The number of new listings of luxury homes increased 7.3%, growing at more than three times the speed of non-luxury homes (2.3%).
Luxury homes are selling at a similar speed to a year ago
The typical luxury home sold in 52 days in April, virtually unchanged from 51 days a year ago.
More than one in four (25.3%) luxury homes went under contract within a week in April, a slight 0.4 ppt increase from a year ago. The share that went under contract within two weeks also increased a little year over year, rising to 36.4% from 35.7%.
“Even though luxury sales are down overall, the most desirable homes are still being snapped up relatively quickly,” said Bokhari. “That’s because many wealthy buyers have the means to weather economic uncertainty and make large purchases without overextending themselves.”
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In comparison, non-luxury home sales took considerably longer than a year ago, with the median days on market increasing to 45 from 39. The share that went under contract within a week fell 3.5 ppts to 26.1%, while the share going under contract within two weeks fell 4.1 ppts to 38.5%.
Metro-Level Luxury Highlights: April 2025
Redfin’s metro-level luxury data includes the 50 most populous U.S. metros. Some metros are removed from time to time, to ensure data accuracy. All changes noted below are year-over-year changes.
- Prices: The median sale price of luxury homes rose most in West Palm Beach, FL (25.8% increase to $4,132,048), Miami (22% increase to $4,367,401) and San Jose, CA (20.8% increase to $5,508,743). It fell in just two metros, in San Francisco (-2.2% to $6,092,801) and Sacramento, CA (-1.1% to $1,659,264)—while Kansas City was flat.
- Sales: Luxury home sales increased most in San Francisco (18.3%), Los Angeles (18.3%) and Indianapolis (13.2%). They decreased most in Jacksonville, FL (-27.6%), Fort Lauderdale, FL (-26.7%) and Detroit (-25.6%).
- Active listings: The total number of luxury homes for sale increased most in San Antonio, TX (21%), Fort Worth, TX (20.7%) and Las Vegas (20.6%). Total inventory fell the most in Philadelphia (-18.2%), Chicago (-16.4%) and Pittsburgh (-14.1%).
- New listings: New listings of luxury homes increased most in Indianapolis (28.7%), San Antonio, TX (28%) and Sacramento, CA (22.3%). New listings fell in 14 metros, with the biggest declines in Warren, MI (-17.7%), San Jose, CA (-14.9%) and Jacksonville, FL (-12.3%).
- Speed of sales: Luxury homes sold fastest in Seattle with a median of five days, ahead of San Jose, CA (10 days), and then Oakland, CA and Detroit (11 days). They sold slowest in Miami (125 days), Fort Lauderdale, FL (112 days) and Nashville (97 days).
Luxury Housing-Market Summary by Metro Area: April 2025
50 most populous U.S. metros
| Region Name | Median Sale Price | Median Sale Price YoY | Homes Sold YoY | Pending Sales YoY | Active Listings YoY | Median Days On Market |
|---|---|---|---|---|---|---|
| Anaheim, CA | $ 5,298,770 | 17.5% | -9.0% | -8.9% | 2.7% | 61 |
| Atlanta, GA | $ 1,370,191 | 10.6% | -13.3% | -12.6% | 0.7% | 44 |
| Austin, TX | $ 1,676,581 | 2.4% | -9.5% | -5.4% | 4.0% | 75 |
| Baltimore, MD | $ 1,256,559 | 3.8% | -9.8% | -5.1% | 10.2% | 22 |
| Boston, MA | $ 2,701,907 | 4.6% | -11.6% | -0.6% | 9.1% | 37 |
| Charlotte, NC | $ 1,591,486 | 9.0% | -5.6% | -4.5% | 5.1% | 42 |
| Chicago, IL | $ 1,450,542 | 11.9% | -0.2% | -9.7% | -16.4% | 57 |
| Cincinnati, OH | $ 931,145 | 10.4% | 6.1% | 3.7% | 12.5% | 46 |
| Cleveland, OH | $ 757,046 | 2.5% | -8.4% | 6.7% | 6.6% | 29 |
| Columbus, OH | $ 1,005,853 | 8.9% | 4.6% | 4.8% | 9.7% | 43 |
| Dallas, TX | $ 1,597,106 | 11.0% | -7.5% | -11.8% | 16.4% | 35 |
| Denver, CO | $ 1,944,413 | 5.9% | -9.6% | -5.4% | 14.8% | 24 |
| Detroit, MI | $ 753,851 | 16.1% | -25.6% | -4.5% | -11.0% | 11 |
| Fort Lauderdale, FL | $ 2,165,373 | 11.0% | -26.7% | -24.9% | -2.2% | 112 |
| Fort Worth, TX | $ 1,195,369 | 5.7% | -12.4% | -10.7% | 20.7% | 47 |
| Houston, TX | $ 1,304,274 | 6.5% | -2.1% | -14.7% | 8.7% | 27 |
| Indianapolis, IN | $ 914,276 | 0.2% | 13.2% | 11.2% | 15.3% | 22 |
| Jacksonville, FL | $ 1,545,534 | 15.2% | -27.6% | -16.3% | -2.6% | 51 |
| Kansas City, MO | $ 1,004,354 | 0.0% | 0.7% | 0.7% | -11.6% | 32 |
| Las Vegas, NV | $ 1,488,033 | 8.6% | -6.5% | -7.9% | 20.6% | 66 |
| Los Angeles, CA | $ 4,146,428 | 6.2% | 15.4% | -2.7% | 4.3% | 52 |
| Miami, FL | $ 4,367,401 | 22.0% | -25.1% | -27.5% | -0.5% | 125 |
| Milwaukee, WI | $ 1,054,338 | 14.9% | 8.0% | 4.1% | -4.4% | 48 |
| Minneapolis, MN | $ 1,210,049 | 8.8% | 12.2% | 1.8% | 8.5% | 40 |
| Montgomery County, PA | $ 1,408,739 | 3.6% | 0.4% | -8.9% | -6.1% | 34 |
| Nashville, TN | $ 2,077,975 | 9.5% | -15.9% | -19.7% | -1.1% | 97 |
| Nassau County, NY | $ 2,506,237 | 7.2% | 1.3% | -8.2% | -1.1% | 95 |
| New Brunswick, NJ | $ 2,058,039 | 10.2% | -12.9% | -25.1% | -10.2% | 44 |
| New York, NY | $ 4,216,813 | 4.3% | 12.5% | 3.6% | 14.1% | 65 |
| Newark, NJ | $ 1,981,763 | 10.3% | 3.5% | -9.4% | -5.5% | 19 |
| Oakland, CA | $ 2,996,635 | 4.6% | -14.2% | N/A | 5.9% | 11 |
| Orlando, FL | $ 1,378,090 | 7.4% | -2.4% | -13.7% | 17.9% | 40 |
| Philadelphia, PA | $ 1,216,976 | 4.9% | -18.0% | -22.7% | -18.2% | 45 |
| Phoenix, AZ | $ 2,000,000 | 7.4% | 0.2% | -9.0% | 10.7% | 61 |
| Pittsburgh, PA | $ 846,715 | 5.8% | -20.4% | -5.5% | -14.1% | 80 |
| Portland, OR | $ 1,451,255 | 4.3% | -5.2% | -7.5% | 10.7% | 43 |
| Providence, RI | $ 1,570,680 | 9.5% | -3.6% | -13.6% | 20.4% | 30 |
| Riverside, CA | $ 1,691,580 | 10.1% | -5.2% | -1.1% | 14.7% | 63 |
| Sacramento, CA | $ 1,659,264 | -1.1% | 3.6% | -3.1% | 6.8% | 39 |
| San Antonio, TX | $ 957,854 | 1.1% | 0.0% | 2.6% | 21.0% | 90 |
| San Diego, CA | $ 3,730,570 | 9.6% | -13.4% | -8.6% | 5.3% | 32 |
| San Francisco, CA | $ 6,092,801 | -2.2% | 18.3% | N/A | -6.3% | 12 |
| San Jose, CA | $ 5,508,743 | 20.8% | -5.7% | N/A | -9.6% | 10 |
| Seattle, WA | $ 2,945,776 | 9.4% | -23.6% | -29.4% | 5.3% | 5 |
| St. Louis, MO | $ 914,453 | 2.8% | -5.2% | -7.1% | 4.3% | 27 |
| Tampa, FL | $ 1,415,835 | 0.8% | -21.0% | -22.8% | 10.8% | 33 |
| Virginia Beach, VA | $ 1,019,606 | 8.6% | -3.5% | -3.8% | 16.4% | 33 |
| Warren, MI | $ 1,002,459 | 7.0% | -12.6% | -24.9% | -9.6% | 34 |
| Washington, DC | $ 1,995,449 | 10.9% | -6.4% | -17.7% | -5.6% | 29 |
| West Palm Beach, FL | $ 4,132,048 | 25.8% | -10.6% | -15.0% | 6.8% | 92 |
| United States of America | $ 1,348,065 | 6.5% | -6.5% | -9.9% | 7.0% | 52 |
The post Luxury Pending Home Sales Fall 10% to Lowest April Level in Over a Decade as Stock Market Volatility Sidelines Wealthy Buyers appeared first on Redfin Real Estate News.
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