Philip White, president and CEO of Sotheby’s International Realty, attributed the brand’s success to a simple truth.
“Buyers and sellers alike continue to rely on the expertise of Sotheby’s International Realty agents to successfully navigate an ever-changing market and achieve their real estate goals,” White said. “Achieving nearly double the industry average in sales volume growth demonstrates the exceptional prowess and performance of agents in our network and the power of the brand.”
According to the report, global expansion was a staple of Sotheby’s growth strategy in 2024. The international brand opened 37 new offices worldwide, increasing its presence to more than 1,100 offices in 84 countries. In the U.S., Sotheby’s expanded in markets like the Carolinas, Michigan and California.
Tammy Fahmi, Sotheby’s senior vice president of global servicing and strategy, added more context to the report. She highlighted wealthy buyers as the driving force behind last year’s growth in the luxury market.
“High-net-worth buyers seek to expand their property portfolios in multiple countries, while sellers are looking for global exposure,” Fahmi said. “Our reach and strategic expansion into key markets in the U.S. and internationally reflects how we continue to meet this demand and ensures our clients have access to properties and qualified buyers wherever they are in the world.”
Last month, the company released an extensive 2025 Luxury Outlook report that explored the market in detail. Bradley Nelson, Sotheby’s chief marketing officer, said that the market will continue a trend of historical resilience in the face of challenges like high mortgage rates and home prices.
Other luxury real estate experts share similar optimism for the forecast in 2025. Coldwell Banker president and CEO Kamini Lane spoke about the market’s future in a report from the company’s Global Luxury program.
“Now that the election is behind us, it removes some uncertainty for people, which is always good. As far as specific policy implementation, we have a ways to go. However, we’re always pro more housing being created,” she said.
First Time Home Buyer FAQs - Via HousingWire.com
