2025 Luxury Real Estate Market Report: Key Takeaways for North American Buyers and Sellers

By Rob Lough, Broker/Owner — Century 21 Optimum Realty Published: February 2025

The luxury real estate market across North America told a fascinating story in 2025 and it wasn’t the story most people expected. There were no dramatic crashes, no bidding-war frenzy, and no single headline that captured the year. Instead, the 2025 Luxury Market Report from Century 21 Fine Homes & Estates® (produced in partnership with The Institute for Luxury Home Marketing) reveals something more interesting: a market that grew up.

Whether you’re exploring the Halifax real estate market or watching luxury trends from coast to coast, this year’s data offers some valuable lessons about where the high-end market stands heading into 2026 — and what it means for everyday buyers and sellers, too.

The Big Picture: A Seller’s Market, But Just Barely

Across North America, luxury single-family homes finished 2025 in seller’s market territory with a composite sales ratio of 22.75%. That’s down from 26.05% in 2024, meaning the market cooled slightly but still favoured sellers overall.

Luxury attached homes (condos and townhomes) told a different story. They slid into balanced market territory at a 16.98% sales ratio, down from 20.33% the year before. The takeaway? Buyers shopping for luxury condos and townhomes had more negotiating power in 2025 than they did the previous year.

For context, a sales ratio below 12% is considered a buyer’s market, 12% to 21% is balanced, and anything above 21% favours sellers. So single-family luxury homes barely stayed in seller’s territory, while attached homes dipped solidly into the balanced zone.

What Luxury Homes Actually Sold For

The composite sale price for luxury single-family homes across North America reached $1,325,022 in 2025, up from $1,305,588 the year before — a modest but steady increase. The median luxury threshold price (the entry point into the luxury category) sat at $900,000 for single-family and $700,000 for attached homes.

Homes were selling at 98.18% of their list price for single-family and 98.49% for attached properties. That narrow gap between asking and selling price suggests that, while sellers couldn’t demand wild premiums, well-priced luxury homes still moved close to asking.

For sellers: Pricing strategy mattered more than ever in 2025. Overpriced luxury listings sat longer, while homes priced in line with market realities attracted qualified buyers quickly.

For buyers: This wasn’t a year to lowball aggressively, but there was room for thoughtful negotiation — especially in the attached segment. If you’re considering buying a home in Nova Scotia, the same principle applies at every price point.

Days on Market Increased — And That’s Not a Bad Thing

Luxury single-family homes spent a median of 30 days on market in 2025, up from 26 days in 2024. Attached homes moved from 27 to 31 days.

That four-day increase doesn’t sound dramatic, but it reflects a meaningful shift in buyer behaviour. Luxury buyers in 2025 were more deliberate. They wanted to see the right property at the right price, and they were willing to wait. The days of rushing to make offers before even finishing a walkthrough faded significantly in the luxury segment this year.

Inventory Rose, But the Market Absorbed It

One of the most telling stats from the report is inventory growth. Average monthly inventory for luxury single-family homes rose from 60,996 in 2024 to 73,942 in 2025 — an increase of roughly 13,000 units. Attached home inventory climbed from 22,624 to 26,612.

Here’s the key insight: prices didn’t fall despite this influx of supply. The market was normalizing after years of historically tight inventory, not flooding. Buyers had more options, but demand remained strong enough to hold values steady.

Total single-family luxury sales actually increased year over year, from 191,799 in 2024 to 203,079 in 2025. That’s more than 11,000 additional transactions, showing that activity was genuinely healthy — not artificially propped up by scarcity.

The Canadian Luxury Landscape

Canadian luxury markets presented a mixed picture in 2025, and the regional differences were striking.

Calgary stood out as one of the strongest Canadian luxury markets. Single-family luxury homes posted a 37.5% sales ratio (firmly in seller’s territory) with a median sold price of $979,377 and just 22 days on market. Attached luxury homes in Calgary also sat in seller’s market conditions at 27.4%.

Waterloo Region, Ontario was another strong performer, with a 26.1% sales ratio for single-family homes and a matching 26.7% for attached properties.

The Greater Toronto Area, however, showed clear signs of buyer-friendly conditions. GTA–York posted a 11.6% sales ratio for luxury single-family homes — solidly in buyer’s market territory — with a median sold price of $1,883,704. Mississauga and GTA–Durham also sat in buyer’s market territory for single-family luxury.

Toronto proper landed in balanced territory for single-family (12.1% ratio) but buyer’s market for attached homes (11.3%). That’s notable for anyone watching Canadian condo markets, which faced headwinds throughout 2025.

On the West Coast, Vancouver sat firmly in buyer’s market territory for both single-family (6.0% ratio) and attached luxury homes (9.9%), with a median single-family sold price of $3,314,667. Whistler showed similar buyer-friendly conditions, though at eye-popping price points — the median luxury single-family sale hit $4,522,902.

If you’re curious how these national trends compare to conditions here in Nova Scotia, I’d love to chat. Reach out anytime for a no-obligation market conversation.

U.S. Markets: The Hottest and the Slowest

The report covered well over 100 U.S. markets, and the spread between the fastest and slowest was enormous.

Fastest-moving luxury markets (single-family homes by sales ratio):

Howard County, MD came in at a staggering 65.9%, followed by Cleveland Suburbs, OH (65.3%), Silicon Valley, CA (64.4%), and East Bay, CA (64.2%). In these markets, luxury homes were being absorbed almost as quickly as they were listed.

Highest luxury sale prices:

Pitkin County, CO (home of Aspen) topped the charts at $11,146,623 median sold price. Telluride followed at $5,308,567, then Eagle County at $4,885,168.

Slowest luxury markets:

Many Florida luxury markets sat in buyer’s territory throughout 2025. Fort Lauderdale (6.0% ratio), Naples (7.2%), Coastal Pinellas County (7.2%), and Miami (9.5%) all posted buyer’s market conditions. Rising insurance costs, elevated construction expenses, and inventory growth contributed to the cooldown in the Sunshine State.

How 2025 Unfolded Quarter by Quarter

The year moved through four distinct phases, each with its own character.

Q1 brought renewed buyer and seller engagement following interest rate relief in late 2024. Single-family luxury sales rose 9.4% year over year. Inventory jumped more than 26% across both segments as sidelined sellers re-entered the market.

Q2 saw a brief pause in April that spooked some observers, but May and June delivered stabilization. Single-family sales grew 2.6% year over year while attached properties declined 8.1%, revealing a clear preference for larger, more private homes.

Q3 was the year’s normalization phase. Single-family luxury sales jumped 7.5% year over year and pricing behaviour became more disciplined on both sides.

Q4 finished the year on a high note. December luxury sales surged with single-family transactions up 7.8% year over year and attached sales rising 4.1% — proving this market had depth, not just momentum.

What This Means Heading Into 2026

The report’s outlook for early 2026 is cautiously optimistic. Interest rate expectations have stabilized, equity markets have calmed, and buyer psychology is grounded. The theme going forward is precision over speed.

For sellers heading into 2026: Pricing, presentation, and timing all need to align with your local market conditions. Aspirational pricing will be punished with longer days on market. Strategic pricing will be rewarded.

For buyers heading into 2026: Luxury real estate continues to function as both a lifestyle asset and a portfolio anchor. If you have a long-term horizon and find the right property, conditions are favourable for a thoughtful purchase.

Whether you’re in the Halifax-Dartmouth market or watching luxury trends across the continent, the lesson from 2025 is clear: the smart money isn’t moving fast — it’s moving deliberately.

You can read the full report: 2025_Luxury Market Report_Year in Review

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Rob Lough is a Broker/Owner and Realtor® with Century 21 Optimum Realty, serving Halifax Regional Municipality, East Hants, and Truro. With 25 years of experience in Nova Scotia real estate — including 20 years as a Realtor and 5 years as a Home Inspector — Rob brings a unique depth of knowledge to every transaction. Get in touch today.