Mid-Year Luxury Outlook Report 2024
SOTHEBY’S INTERNATIONAL REALTY UNVEILS 2024 MID-YEAR LUXURY OUTLOOK REPORT: NAVIGATING GLOBAL REAL ESTATE TRENDS AMID ELECTIONS, INTEREST RATE TRAJECTORY, AND CULTURAL INVESTMENTS
The brand’s debut mid-year report evolves annual analysis, offering timely insights in dynamic market
Wallace & Co. Sotheby’s International Realty is pleased to announce the release of the 2024 Mid-Year Luxury Outlook℠ report, complementing the highly coveted annual edition, offering consumers a crucial advantage in navigating the fast-paced luxury property market by examining pivotal, forward-looking issues shaping global luxury residential markets. Key topics within the report include the potential impact of upcoming elections in nearly 80 countries, the trajectory of U.S. interest rates, and the influence of cultural investments on cities worldwide.
On Martha's Vineyard, 2nd Quarter residential real estate sales and land sales were up compared to 1st Quarter 2024. The total dollar volume of single family sales in the 2nd Quarter totalled $132,310,960. Click here to learn more about recent Martha's Vineyard real estate sales.
The 2024 Mid-Year Luxury Outlook report draws insights from Sotheby’s International Realty agents worldwide, specializing in transactions within the US$10M+ price category. Their expertise is complemented by data from industry leaders such as JP Morgan Chase, the National Association of Realtors, the U.S. Census, and Sotheby’s Concierge Auctions—the premier global luxury real estate auction marketplace.
Key findings featured in the report include:
- Approximately half the world’s voting-age population are eligible to take part in elections in 2024, more than four billion people stretching across nearly 80 countries that account for more than 60% of global GDP.
- Historically, the housing market tends to experience a slowdown in activity during presidential election years. A sense of political stability, on the other hand, can have an unsurprisingly positive effect.
- While real estate agents the world over are watching out for political changes, they are keeping an even closer eye on interest rates.
- Industry forecasts anticipate that the Federal Reserve will lower rates later this year. The Mortgage Bankers Association estimates that rates will fall to about 5.9% by 2025, while Wells Fargo has made a similar forecast of 6%.
- Advocating for cities to be artfully designed has taken on different forms, but a perennial truth is that substantial cultural investment is an essential element of urban environments around the globe.
- According to data released in March 2024 by the National Endowment for the Arts and the Bureau of Economic Analysis (BEA), the economic impact of the arts and cultural industries in America, for example, hit an all-time high in 2022, contributing 4.3% of GDP, or US$1.1trillion, to the U.S. economy.
Click here to read the complete report.
Interested in buying or selling real estate on Martha's Vineyard or want to learn more about current market trends, it would be our privilege to work with you.
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