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The luxury real estate market is on a growth trend early in 2025. This success pushed one of the country’s top luxury real estate brands to a strong year for sales volume.
Sotheby’s International Realty recently released its 2024 performance report. According to the report, Sotheby’s did $157 billion in global sales in 2024, and its U.S. sales volume increased 9.4% year over year. That growth rate nearly doubled the national average of 5.2% as reported by the National Association of Realtors (NAR).
Philip White, president and CEO of Sotheby’s International Realty, attributed the brand’s success to a simple truth.
“Buyers and sellers alike continue to rely on the expertise of Sotheby’s International Realty agents to successfully navigate an ever-changing market and achieve their real estate goals,” White said. “Achieving nearly double the industry average in sales volume growth demonstrates the exceptional prowess and performance of agents in our network and the power of the brand.”
According to the report, global expansion was a staple of Sotheby’s growth strategy in 2024. The international brand opened 37 new offices worldwide, increasing its presence to more than 1,100 offices in 84 countries. In the U.S., Sotheby’s expanded in markets like the Carolinas, Michigan and California.
Tammy Fahmi, Sotheby’s senior vice president of global servicing and strategy, added more context to the report. She highlighted wealthy buyers as the driving force behind last year’s growth in the luxury market.
“High-net-worth buyers seek to expand their property portfolios in multiple countries, while sellers are looking for global exposure,” Fahmi said. “Our reach and strategic expansion into key markets in the U.S. and internationally reflects how we continue to meet this demand and ensures our clients have access to properties and qualified buyers wherever they are in the world.”
Last month, the company released an extensive 2025 Luxury Outlook report that explored the market in detail. Bradley Nelson, Sotheby’s chief marketing officer, said that the market will continue a trend of historical resilience in the face of challenges like high mortgage rates and home prices.
Other luxury real estate experts share similar optimism for the forecast in 2025. Coldwell Banker president and CEO Kamini Lane spoke about the market’s future in a report from the company’s Global Luxury program.
“Now that the election is behind us, it removes some uncertainty for people, which is always good. As far as specific policy implementation, we have a ways to go. However, we’re always pro more housing being created,” she said.
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