Determining the latest luxury real estate trends can be challenging since factors change based on the market. However, the luxury market usually makes up 5% to 10% of the listings for a location. The top properties can start being listed at around $1 million but reach into the multiple millions depending on what is on offer.
Anyone interested in a home in the luxury market needs to be aware of recent trends. Some of the most recent data and information are posted here to give you the insight you need to move forward.
Luxury Homes Are Moving Fast
Over the last few years, the housing market has exploded. However, the luxury market surpasses most other segments. It’s largely a seller’s market right now and luxury homes are selling faster this year than they did last year.
Still, some experts believe that things will level out as time moves on. This is due to more people placing their luxury homes on the market as well as new construction being started that will accommodate additional people who want to live in opulence.
Luxury Homes Are Selling for More
Many luxury homes are selling for more than they did a few years ago. As an example, luxury home prices went up nearly 15% from 2020 to 2021. This happened in the same period where homes were only on the market for about 38 days, a huge drop from past years.
Areas that have high property values are seeing those move higher. For example, from 2020 to 2021, there was an increase of over 80% in terms of homes sold for more than $1 million. Scarcity plays into this as there are fewer properties available.
Luxury Home Amenity Desires Are Changing
The amenities in a home play a huge part in making it luxurious, but what people want to see in these homes has changed. For example, large lawns had been losing popularity but with the pandemic, that changed. Large spaces outdoors are a priority.
Home offices have also become a must-have on the same level as swimming pools. This is likely related to people spending more time at home and wanting to make the most of the outdoors.
In Virginia, there are many options for luxury housing and you may not have to set aside extra to get what you want. Reach out to The Realty Group Team to learn more about your options. This could be the year to move into a better and brighter home!