Flagging consumer confidence may be driving fewer home sales and softer prices in the broader housing market, but not in the Tri-Cities luxury market.

First quarter $1 million plus sales are up 80% from last year. The average sales price of those homes is up 8%. Listings have increased 39% since the first of the year. In March there were 71 listings.

Sales in the $500K and up luxury market are up 28%, inventory is up 30.8%, new listings are 40.5% better than last year and March’s pending sales are up 11%.

Last month’s top sale was a 4-bedroom, 4-bath 4,738 sq. ft. home in Gray that sold for $1.4 million.

According to listing data, the custom home on 14.4 acres in the heart of Boones Creek has a custom floor plan catering to both comfort and elegance. Key features include a chef’s kitchen and butler’s pantry with top-of-the line appliances. The entertaining spaces include a spacious dining room, and a great room with direct access to the covered back patio. The lower level includes a 4^th bedroom, den, full bath and an area plumbed for a future kitchen.

So far this year, 18 $1 million plus properties have been sold. During the first three months of last year, there were 10 sales. This year’s average sales price is $1.3 million, up from $1.2 million last year.

First quarter sales volume in the $1 million plus market is $22.6 million. It was $11.8 million last year.

So far this year 196 homes in the $500K and up price range have been sold, up from 153 during the first three months of last year.

According to the April Luxury Home Market Report, luxury buyers are increasingly guided by lifestyle aspirations and long-term wealth strategy rather than short-term speculation. “This shift is shaping not only how properties are selected but also how deals are structured and negotiated.”

The report says lifestyle is the primary driver in the U.S. luxury market and affluent Millennials and Gen Xers buoyed by general wealth transfers, are entering the market. “These buyers prioritize long-term value, sustainability, smart-home technology and proximity to cultural or outdoor amenities.