Engel & Völkers Florida Releases Year-End 2024 Luxury Market Report
Florida Luxury Real Estate Market Proves Resilient in 2024 with Growth in High-End Sales
NAPLES, Fla. - March 11, 2025 - Engel & Völkers Florida today announced the release of its Year-End 2024 Florida Luxury Real Estate Market Report, providing an in-depth analysis of market trends across the state. Despite a challenging economic environment marked by elevated interest rates and national declines in home sales, Florida's luxury real estate market demonstrated resilience and growth, particularly in the $1 million and up segment.
“Luxury is not just a price point, it's our service level promise,” said Peter Giese, CEO of Engel & Völkers Florida. “The high-end market continues to outperform expectations, fueled by strong demand from affluent buyers and a continued influx of new residents into the state. Our report underscores Florida's enduring appeal and the strength of its luxury real estate sector.”
The report details key market trends, including an 8 percent year-over-year increase in sales of single-family homes priced above $1 million, totaling over 22,000 transactions in 2024. The average sales price in Florida reached a record-breaking $599,785, with a median price of $420,000. Inventory levels for single-family homes remain below 2019 figures, despite an increase in listings, as Florida's population has surged by over 2 million residents in recent years.
While the single-family home market has experienced sustained price growth, the condominium sector has shifted to a buyer’s market due to legislative changes impacting HOA fees. With eight months of inventory currently available, luxury condominiums remain attractive to cash buyers who continue to dominate this segment.
The Florida luxury market has remained strong despite three hurricanes impacting the state and broader economic uncertainty. With Florida's tax advantages, warm climate, and world-class amenities, demand for high-end real estate is expected to persist into 2025. If interest rates decline, Engel & Völkers Florida anticipates exponential growth across all segments of the market.
“At Engel & Völkers, we are committed to delivering an elevated experience for our clients at every price point,” added Giese. “As Florida’s luxury real estate market continues to change, our network of expert advisors remains dedicated to providing the highest level of service and expertise.”
To access the full Year-End 2024 Florida Luxury Real Estate Market Report, visit https://issuu.com/evfloridapr.
