The Bay Area’s luxury home sale volume hit its second-highest level in nearly 20 years, according to 2024 Compass data, spurred on by a rising stock market, the AI boom and a growing immunity to higher interest rates among wealthy buyers.
The number of Bay Area closed home sales over $5 million topped 1,000 for only the second time since Compass began tracking that data in 2005. That’s a rebound of about one third compared with 2023 and a more significant recovery than the overall market, which saw a 9 percent year-over-year increase in 2024. The luxury market topped out in 2021, with more than 1,200 Bay Area homes selling at prices exceeding $5 million.
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