UHNW TRENDS in 2024 REPORT Wealth-X’s annual summary of the state of the Ultra-High Net Worth (UHNW) community includes an analysis of population trends for the demographic. UHNW is defined as a total net worth greater than $30 million.
SOURCE: Wealth-X, an Altrata Company Altrata’s World Ultra Wealth Report 2024
ECONOMIC LENS: NW PREMIER PROPERTIES
By JEFF TUCKER PRINCIPAL ECONOMIST Windermere Real Estate
While sales activity in both the Washington and Oregon markets remained below the overheated pace of 2021 and 2022, closed sales for above $1 million in both states remained far higher than any pre-pandemic years: 108% higher than 2019 in Washington’s NWMLS, and 190% more in Oregon’s RMLS. This growth has been driven by a perfect storm of factors affect- ing both supply and demand. More homes were listed for sale, including new construction, in 2024, especially at higher price points. Demand was buoyed by strong income growth, fading re- cession fears, and rare back-to-back annual stock market gains in excess of 20%, which delivered major wealth gains to investors. Real estate is an extremely attractive investment for high-net- worth individuals, combining financial benefits like lower volatil- ity and favorable tax treatment, with the intangible but priceless benefits of a home in which to make lasting memories. No other investment decision will impact a person’s quality of life as indel- ibly as buying the perfect home, and so it’s no surprise that as America gets wealthier, our demand for better real estate only grows.
The housing market began to normalize in 2024, after the roll- er coaster of the pandemic boom in 2021-2022 and abrupt cooldown in 2023. Now, 2025 looks poised to continue the hous- ing market recovery – particularly for sales of homes in higher price segments. In fact, across the Pacific Northwest, the growth in home sales for a million dollars or more was a major driver of overall sales growth in 2024. In the 23 Washington counties covered by the NWMLS, including all of Western Washington, there were 26% more single-family sales in 2024 priced above $1 million than in 2023 – but only 1% more sales below that price point. The RMLS, spanning much of Oregon and all of the Portland metro market, saw only 4% growth of single-family sales below the $1 million marker, and 16% growth above it. Digging deeper, if we examine sales by price tier in Washington, we can see that every successively higher priced segment had stronger year-over-year growth in 2024.
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