Produced annually, this report provides an in-depth look at the top residential markets across the United States.
These metrics include sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot — to provide luxury builders with a comprehensive North American Luxury Market report, compiled from the most active markets that offer a wide enough statistical range to show trends over time.
While many industries and businesses suffered as a result of the pandemic and the necessity for people to adopt new ways of living, the market of luxury real estate flourished, and is set to continue growing throughout 2022. The luxury lifestyle market is enjoyed by people who value time over money: they have achieved financial wealth so that lifestyle, family, friends, and experiences are their priority. Many affluent buyers are seeking to upgrade the space within their luxurious residences, and focusing on greater outdoor living space, more amenities and lower population density.
In this report we see the continuing trend of how wealthy consumers are expected to continue to realign their property priorities to give their families a greater sense of privacy, safety, and security.
We review what experts are anticipating as being long term trends, both new and unexpected, as well as some differing opinions. The trends analyzed range from the work/lifestyle balance and priority changes in lifestyle requirements to home purchases that are bucking expectations. We also investigate the external factors that have become an integral part of why there is such a strong buyer demand. Finally, we touch on how residential builders are pivoting to meet the new demands from their luxury buyers.
Here are the top trends to expect in the luxury real estate market in 2021 and supporting data. Click here to see the full report.
Choosing suburban space over city culture
There is an intense level of competition for single-family homes throughout the country, as buyers choosing to flee densely populated cities have driven home prices up across the U.S. New York, in particular, experienced a mass exodus in 2020 as it became the epicenter of Covid-19, and odds are, those residents won’t be returning in great numbers for some time to come.
Prioritizing quality amenities
Amenity spaces – already beginning to trend pre-pandemic – have exploded in importance, with residents focused on homes that are not only luxurious but also feature larger outdoor areas, roof decks, co-working spaces, wellness services and health-focused amenities and programming.
Luxury lifestyle markets will continue to boom
South Florida’s mansion market was inundated by the second half of 2020, as the pandemic drove interest from all over the country towards Florida. The migration trend is likely to continue throughout 2021-2022.
New construction and development ramping up
High demand from homebuyers requires new builds, and homebuilders appear to be ready and willing to rise to the challenge. The U.S Census Bureau reported over 1.54 million housing starts for November 2020, a figure up 12.8% from the same month in 2019.
Curious to see how home values in the luxury market are stacking up in 2021-2022? Download our latest Luxury Market Report to see the full scope of the North American luxury markets.
South Florida’s mansion market was inundated by the second half of 2020, as the pandemic drove interest from all over the country towards Florida. The migration trend is likely to continue throughout 2021-2022.
New construction and development ramping up
High demand from homebuyers requires new builds, and homebuilders appear to be ready and willing to rise to the challenge. The U.S Census Bureau reported over 1.54 million housing starts for November 2020, a figure up 12.8% from the same month in 2019.
Curious to see how home values in the luxury market are stacking up in 2021-2022? Download our latest Luxury Market Report to see the full scope of the North American luxury markets.
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