Sotheby's International Realty Sets New Records in Luxury Real Estate Sales for 2024

Sotheby's International Realty has announced impressive growth in 2024, as its U.S. sales volume saw a year-over-year increase of 9.4%. This leap not only showcases the strength of its operations but also significantly surpasses the overall market growth of 5.2% reported by the National Association of Realtors (NAR). This performance underscores the effectiveness of the brand's extensive network and talented agents, marking Sotheby's as a leader in the luxury real estate market.

Global Achievements

Globally, Sotheby's International Realty achieved a substantial sales volume of $157 billion in 2024, highlighting its expansive international reach and formidable network. According to Philip White, President and CEO of Sotheby's International Realty, the brand's success lies in its ability to adapt to the evolving market dynamics while providing exceptional service. As trusted advisors in luxury real estate, Sotheby’s agents are pivotal in securing the right deals for clients.

Strategic Expansion

The brand expanded its operations significantly in 2024, opening 37 new offices worldwide and increasing its presence to over 1,100 offices in 84 countries. This further solidified its domestic footprint across 46 states, emphasizing growth in states like California and Michigan. Internationally, significant expansions occurred in emerging markets such as Anguilla and Poland, as well as fortified positions in countries like Portugal, New Zealand, and Australia.

Tammy Fahmi, Senior VP of Global Servicing and Strategy, noted, "Today's luxury market operates on a global scale. High-net-worth individuals are not only seeking properties in their immediate locations but are looking for strategic investments across borders. Our global expansion reflects a response to these needs, ensuring our clients have access to premier properties and qualified buyers anywhere in the world."

Record Sales and Unique Listings

Sotheby's International Realty celebrated remarkable sales in several key markets throughout 2024. A notable highlight included a staggering $25 million sale, which set a new record for the most expensive home ever sold in Washington, D.C. Internationally, another record was achieved in Dubai when a villa fetched $65.5 million, the highest price for a property on Jumeirah Bay Island. As affluent buyers increasingly search for international properties, Sotheby’s agents have proven themselves as premier global real estate advisors, facilitating a remarkable referral volume of $4.6 billion.

Commitment to Technology and Marketing

Sotheby's International Realty has positioned itself as an expert in the luxury market by leveraging advanced technology and innovative marketing strategies. In 2024, its online platform attracted over 33 million visitors, while videos produced by agents amassed over 65 million views. Keeping engagement high, the brand also saw a 165% increase over competitor averages on its social media platforms, with 1.2 million followers generating 1.8 million interactions.

The company has also made an impactful move by launching its new advertising campaign titled '1 of 1,' designed to celebrate the individuality of each home represented by Sotheby’s. This campaign is set to captivate a new generation of affluent buyers who appreciate the uniqueness and potential of premium properties.

Conclusion

Sotheby’s International Realty continues to raise the bar in luxury real estate, setting exceptional standards with its expansive global reach, strategic firm performance, and unparalleled service. The combination of an impressive growth trajectory and focused expansion strategy solidifies its position as the premier choice for discerning buyers and sellers worldwide. Underpinning this leadership is a commitment to providing clients with the necessary tools and insights to navigate the growingly complex luxury real estate landscape effectively.

For those looking to engage with the best in the luxury real estate market, Sotheby’s International Realty remains an indispensable ally, poised to drive success in 2025 and beyond.