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.
Press contact:
Kaitlin Weigelt,Marketing and Brand Manager
Email: Kaitlin.Weigelt@evrealestate.com
Tel: (239) 348-9000
About Engel & Völkers:
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process. Engel & Völkers currently operates approximately 300 shop locations with over 6,500 real estate advisors in the Americas, contributing to the brand’s global network of over 16,600 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs, and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated.
For more information, visit www.evrealestate.com.
About Engel & Völkers Florida:
Engel & Völkers Florida, as the Master License Partner of the esteemed luxury real estate brand Engel & Völkers in Florida, stands as a beacon of excellence in the state's real estate landscape. The company is renowned for its multifaceted marketing approach, seamlessly blending traditional and modern methods, offering training programs tailored for seasoned real estate professionals seeking to enhance their existing businesses, and for fostering a collaborative global network. Engel & Völkers Florida's unique business model propels its franchisees to the forefront of the premium market, enabling them to seize market share and fortify their bottom line. With a robust presence spanning over 50 markets, including iconic destinations, coastal retreats, thriving metropolises, and quaint towns, Engel & Völkers Florida represents a network of franchise locations strategically positioned to cater to the discerning needs of luxury clientele across the Sunshine State. Continuing its strategic growth initiatives, Engel & Völkers Florida is committed to further strengthening and expanding its footprint in key premium real estate markets statewide. For those interested in learning more about the Engel & Völkers brand or exploring opportunities to join its esteemed global network, renowned for its hallmark attributes of competence, exclusivity, and passion, inquiries are welcomed at our corporate office located at 633 Tamiami Trl N, Suite 201, Naples, FL 34102 USA. Alternatively, you can reach us by phone at +1 239-348-9000.
For comprehensive information about Engel & Völkers Florida, please visit https://www.joinevflorida.com.
To view original press release on PR Gun, please visit https://prgun.com/press-release/127757/engel-vlkers-florida-releases-yearend-2024-luxury-market-report
Media Contact
Company Name: Engel & Völkers
Contact Person: Kaitlin Weigelt - Marketing and Brand Manager
Email: Send Email
City: NAPLES
State: Fla.
Country: United States
Website: https://www.evrealestate.com/en
