As are nearing the end of Summer 2022, the luxury market remains extremely strong. Although the market is showing definite signs of slowing down and returning to a more “normalized” level of inventory, the appetite for luxury has certainly NOT diminished.
Emerging TRENDS in the luxury market:
- The affluent are still buying and selling in the upper tier, but they are enjoying the opportunity of time to decide what fulfills their long term requirements in a home/second home
- Many real estate professionals believe that, given the uptick on real estate websites and requests for virtual tours over the last month, that the affluent are taking the summer to formulate their long term plans, with more time to do so.
- Despite escalating prices, affluent buyers are still not inclined to purchase a “fixer upper”. Even though they have the money to do so, it seems this group of buyers does not want the hassle of renovating. This is (still) forcing updated properties to sell much quicker and for top dollar.
- There has been a rise in demand for second homes over the last year. 70% of individuals with a net worth of $5 million+ own more than two homes in the United States
For more details or for the full Luxury Monthly Market Review, email me at email@example.com, or call anytime 941-544-7690