Market Insights

Luxury Outlook

An ambitious exploration into high-end residential markets across the globe for 2024.

Luxury Outlook
Sotheby’s Auction

Sotheby's International Realty participated in 32% of the highest sales for 2023 across communities with luxury segment sales.

A View From Northwest New Jersey

A year shaped by Fed policy, we continued to watch interest rates climb in 2023 as economists waited to declare whether 11 consecutive hikes had ignited 'immaculate disinflation'. Here in northwestern New Jersey, the luxury market remained resolute with hybrid work leading to busier suburbs, as the trends in this report explore.

Fueled by carry-over momentum from 2022, a total of 380 luxury segment sales ($2M+) were recorded across Essex, Hunterdon, Morris, Somerset, and Union Counties, reflecting a 3% decrease from the prior year (as recorded in the Garden State Multiple Listing Service). Sales in excess of $3.5M represented 40 of these 380 sales, 
which reflects a handful more than in the previous year.

Recent Market Movers

Set atop the storied Bernardsville Mountain, the legendary Tuscan-style 'Faircourt' estate in Bernardsville commanded 2023's highest sale throughout Essex, Hunterdon, Morris, Somerset, and Union Counties at $10.5M.

Sotheby's International Realty participated in 12 of these areas' highest sales, more than any other firm. Overall, sales above $3.5M+ saw expansion into a larger diversity of 15 communities, as opposed to just an isolated four in 2020.

While our luxury segment continues to experience the lowest levels of inventory in over a decade, the past three years have recorded robust comparable confidence for purchasers of homes over $2M. We invite you to explore them all at

Michael Lattmann
Operating Principal
Kienlen Lattmann Sotheby's International Realty