Luxury home sales soar in 2024 with record $210 million Malibu mansion

In 2024, luxury home sales in the U.S. increased by 5.2%, despite overall home sales dropping 12.9%. The year saw record-breaking transactions, including a Malibu mansion sold for $210 million, the highest price ever for a California home. Other notable sales included a $135 million penthouse in New York's Aman Hotel and a $108 million property in Aspen, Colorado, marking the state's most expensive sale. These transactions highlight a stark contrast between the luxury market and challenges faced by average homebuyers. Economic factors like high mortgage rates and limited inventory continue to affect general home sales, which are projected to reach their lowest level in nearly 30 years, at around 4 million.