The median price of luxury homes in the United States surged by 9% year-over-year to a record $1.225 million in the first quarter of 2024, according to Redfin. This growth outpaced the 4.6% increase in non-luxury homes, which reached a median price of $345,000 during the same period. The report highlights the resilience of the luxury housing market driven by affluent buyers who are less impacted by high mortgage rates.