DOUBLE-DIGIT GAINS

Where prices are growing the most in Q1

May 17, 2024

#35

WELCOME

Take it from Glennda Baker—cars lose their value and clothes stop fitting. But real estate? That’s an investment that will pay off for decades to come. 

When Glennda cashed her first $137,000 commission check from selling a huge home early in her career, she could have scooped up the foreclosed townhouse in a prime location down the street. But one new car and several shopping sprees later, that money was long gone. Fast forward to today—the townhome is worth $1M, but the car and clothes are nothing but a memory. Her candid lesson is simple. Where you sink your money matters because not every purchase is an investment. 

Catch Glennda’s cautionary tale here, then hit reply and tell us: What’s the wildest thing you bought with a commission check?

SHARPEN YOUR SKILLS

🔊 Today’s Top Video Rec:

From Matt Damon’s stunning new LA condo and Michael Jordan’s luxe golf course property, to Chris Pratt’s historic teardown drama, the latest celebrity-filled Real Estate Report delivers the biggest homes and headlines of Hollywood’s top names.

MARKETS

Doubling down on growth

According to the latest NAR data, Q1 was a hot one for home prices across the country. Despite mortgage rates hitting highs not seen in two decades, home prices increased in over 90% of metro areas—and 30% saw double-digit growth.

Between the shortage of available homes and the growing pool of eager buyers, these 10 metros saw the highest price growth year-over-year:

  1. Fond du Lac, Wis. (23.7%)

  2. Kankakee, Ill. (22.0%)

  3. Rockford, Ill. (20.1%)

  4. Champaign-Urbana, Ill. (20.0%)

  5. Johnson City, Tenn. (19.3%)

  6. Racine, Wis. (19.0%)

  7. Newark, N.J.-Pa. (18.8%)

  8. Bloomington, Ill. (18.5%)

  9. New York-Jersey City-White Plains, N.Y.-N.J. (18.4%)

  10. Cumberland, Md.-W.Va. (18.2%)

REC ROUNDUP

The Friday Five

📖 Zillow’s Touring Agreement. Read Glennda’s hot take on Zillow's new 7-day touring agreement. 

👀 $57M mansion. How Tracy Tutor’s biggest sale pushes her to keep building bigger. 

👀 The ‘real’ Josh Flagg. Can celebrity impersonator Matt Friend do a better ‘Josh’ than Josh himself?

💡Affordability analysis. These four states and six metros offer the best bang for your buck.

💡LA exodus. Why 32,000 homeowners moved out of LA in Q1.

WHAT’S NEW FROM ESTATE MEDIA

Breaking into the luxury market

Want a deeper understanding of the details and dynamics shaping the current luxury market? In last Friday’s edition of The Blueprint, luxury agents James Harris and David Parnes gave their take on the two key drivers of the multi-million-dollar home purchases happening today: The substantial growth in homeowner wealth and the massive increase in home prices across top zip codes. 

Check out this edition for James and David’s advice on targeting the everyday high-end buyer, maximizing your follow-up conversion rate, and the must-read report on luxury buyer demographics. 

What ultra-rich homebuyers are looking for

Plus, how to avoid a common realtor mistake

www.readtheblueprint.com/p/ultrarich-homebuyers-looking

Skyline Sanctuary at Fairweather

Nestled in Raleigh's vibrant Warehouse District, this luxurious penthouse redefines urban elegance with dual balconies offering sweeping city views, a state-of-the-art chef's kitchen, and sophisticated living spaces designed for the pinnacle of comfort and style.

estate-elegance.beehiiv.com/p/skyline-sanctuary-fairweather

Like what you see? Reach out to listing agent Gretchen Coley to learn more and schedule your tour. 

ESTATE MEDIA NEWSLETTERS

Our full lineup of real estate reads:

Estate Elegance. Your daily dive into luxury real estate. Everyday.

Homes.tastrophes. Unique, weird, and wild real estate. Every Monday

The Glennda Gazette. Real estate, real life, in real time. Every Wednesday.

WAS the Newsletter. Explore interior design advice and inspiration. Every Friday.

The Blueprint. Stay up-to-date on the world of residential real estate. Powered by James Harris & David Parnes. Every Tuesday and Friday.

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