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As winter settles in and we find ourselves spending more time indoors, it's not uncommon to feel a bit cramped within the confines of our homes. If you resonate with this sentiment, you're not alone – one in four people admit to outgrowing their current living spaces. Below we share some information on why and how people decide to renovate their homes. It could be an easy fix, like reconfiguring existing rooms or a much bigger project, such as building an accessory dwelling unit (ADU) or adding a second story.   Whether you're seeking a minor improvement or a major overhaul, understanding the motivations behind home renovations is key to making informed decisions. While costs and ROI vary, the investment in your home can yield both immediate and long-term benefits.
Planning a home renovation or upgrade in The Triangle area, which includes Durham, Hillsboro, Chapel Hill, and Carrboro? Carl Johnson Real Estate offers strategic guidance to ensure your investment aligns with current market trends and enhances your property's value. With a keen eye for design trends and a deep understanding of what resonates with buyers in Durham, Hillsboro, Chapel Hill, Carrboro, Carl will provide insights that go beyond the aesthetic, ensuring your renovations contribute to the overall market appeal of your home. Call 919-880-0904 or CLICK HERE today to embark on a renovation journey with Carl Johnson Real Estate in the Triangle.
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Welcome to the Luxury Market Report, your guide to luxury real estate market data and trends for North America. Produced monthly by The Institute for Luxury Home Marketing and brought to you by Carl Johnson Real Estate, this report provides an in-depth look at the top residential markets across the United States and Canada.  Expectations and Considerations for 2024 To say that the high-end market has seen a dramatic growth over the last few years is probably an understatement. The recognition of its impact and undeniable influence, through emerging trends and architectural innovations, on the broader real estate landscape has been equally significant. As we step into 2024, the luxury market now stands at another fascinating juncture. This sector, known for its resilience and capacity to set trends, experienced a notable positive shift towards the end of 2023. After a period of stagnation driven by economic uncertainties, the market saw a resurgence in activity, marking a pivotal moment for affluent investors and luxury property enthusiasts. A Market Still Evolving Early statistics from January 2024, based on the 155 markets researched by The Institute, suggest that this positive trend is not only continuing but has the potential to accelerate, particularly in the single-family luxury market. Indicators point to a robust spring market that could potentially outperform the previous year. In the luxury single-family market not only are all the data parameters stronger compared to January 2022, but there is also a trending upwards compared to December 2023. Both the overall inventory level and new listings entering the market grew 15.9% and 25.4% respectively compared to January 2023. Compared to December 2023, inventory grew 2% but more importantly, new listings by a staggering 88.9%. As a result, the single-family market saw an 18.4% increase in sales during January 2024 compared to January 2023, and the median sold price increased by 1.6%. In the luxury attached market, data parameters saw a less positive shift, mostly due to inventory levels declining significantly. Levels fell by 24.3% compared to January 2023, but also by 9.8% from December 2023. New inventory levels were also lower by 24.5% year-over-year, although higher month-over-month by 53.6%. Despite the increase of new inventory month-over-month with inventory levels falling far lower than typical levels this resulted in a 13.8% decline in January’s sales year-over-year, however, the median sold price held steady, seeing a 2.2% increase. The reason for this disparity between the attached and single-family market potentially lies in the price points. As we have often stated, the luxury real estate market tends to be the trend leader and it would seem that buyers and sellers of higher-priced homes are in the driver's seat once more.  The Catalysts of Change Several factors contribute to this optimistic outlook for the luxury real estate market. Firstly, the economic stabilization witnessed towards the end of 2023 has played a critical role in restoring confidence among affluent buyers and sellers. This renewed confidence is expected to fuel a higher volume of transactions in the luxury market so long as inventory levels, especially new inventory, continue to increase. Additionally, the luxury real estate market continues to evolve, with new trends and architectural developments significantly impacting buyer preferences and investment strategies. Pent-up demand for new construction and highly renovated properties that have been updated to meet modern luxury standards are certainly expected to be the big drivers of sales now and in the future. Positive Influences on the Luxury Market The luxury real estate market in 2024 is set to benefit from a confluence of positive factors. A stabilized economy provides a solid foundation for growth, while technological advancements and a shift towards sustainable living are reshaping consumer expectations. Luxury properties that offer state-of-the-art amenities, energy efficiency, and innovative design are in high demand, reflecting a broader societal shift towards sustainability and wellness. Moreover, the luxury market is expanding beyond traditional hotspots to include emerging destinations that offer unique lifestyle opportunities. This geographical diversification is creating new investment opportunities and attracting a broader spectrum of affluent buyers, further stimulating the market.   As we navigate through 2024, the high-end real estate market presents a landscape of opportunity tempered by challenges. Economic stabilization, technological innovation, and a growing emphasis on sustainability are driving positive trends, while potential disruptors require careful navigation.
s always, we highly recommend working with a luxury property specialist during this unconventional market to ascertain what is truly happening in your local marketplace. Navigating the art of selling and buying in this market needs a critical and analytical approach; understanding the realities and setting expectations accordingly will ensure that goals are achieved. Did you know that Carl Johnson is certified as an Institute for Luxury Home Marketing Specialist, CLHMS, which means he offers superior knowledge and experience in the luxury market? His CLHMS membership also provides him with access to an elite network of contacts and resources that help to find you your dream home from Swansboro to Beaufort and beyond. If you have a high-end listing, using the most up-to-date marketing information, Carl positions your listing ahead of the market curve. Call 919-880-0904 for a consultation or CLICK HERE. Make sure to review the data located at the bottom of this blog post, which shares information about two counties along The Crystal Coast, from Swansboro to Beaufort. U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR).   New Listings in the Triangle Region increased 27.3 % to 3,827. Under Contract Sales homes increased 2.4 % to 3,214. Inventory decreased 15.2 % to 5,802. Median Sales Price was close to dead even with last year. Days on Market decreased 18.2 % to 45. Months Supply of Inventory decreased 13.6 % to 1.9. Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR.  New Listings in Chatham County increased 43.9% to 141. Inventory decreased 7.9% to 268. Median Sales Price increased 11.2% from $500,000 to $555,950. Days on Market increased 17.1% to 48. Months Supply of Inventory showed no change and remained at 2.9.  New Listings in Durham County increased 8.0% to 404. Inventory decreased 23.3% to 518. Months Supply of Inventory decreased 11.1% to 1.6. The Median Sales Price and Average Sales Price increased 3.2% and 2.3%, respectively. The number of Closed Sales decreased 10.7% to 259 in February.  New Listings in Orange County increased 59.3% to 137. Inventory increased 17.3% to 176. Months Supply of Inventory increased 25.0% to 1.5. The Median Sales Price and Average Sales Price increased 11.8% and 11.3%, respectively. The number of Closed Sales also increased, 8.3% to 78.  New Listings in Person County decreased 3.2% to 30. Inventory increased 7.5% to 57. Months Supply of Inventory increased 13.3% to 1.7. The Median Sales Price and Average Sales Price increased 20.1% and 9.5%, respectively. The number of Closed Sales decreased 14.8% to 23.  New Listings in Wake County increased 27.4% to 1,616. Inventory decreased 28.1% to 1,904. Months Supply of Inventory decreased 16.7% to 1.5. The Median Sales Price and the Average Sales Price increased 0.2% and 4.4%, respectively. The number of Closed Sales decreased 10.7% to 1,097.  In Carteret County, there were 601 active and 183 new listings in February, comprising residential and multi-family properties. The number of sold properties was 123, while the average sold price was $616,115. The average list price, meanwhile, hovers at $773,080 thus far in March, good news for sellers in Carteret County.  In Onslow County, there were 1,274 active and 494 new listings in February, comprising residential and multi-family properties. The number of sold properties was 330, while the average sold price was $297,431. The average list price, meanwhile, hovers at $418,128 thus far in March, good news for sellers in Onslow County.  REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle area & The Crystal Coast. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable.
If you’re ready to buy or sell at the beach in Carteret or Onslow County, Carl Johnson Real Estate can help you at the Crystal Coast. Give us a call at Carl Johnson Real Estate at 919-880-0904 to learn more about how we will help. To learn more about the Crystal Coast CLICK HERE.  This month, we're thrilled to unveil the anticipated costs for five distinct types of transformative home projects. Delve into the world of possibilities as we present these figures, which not only serve as informative guidelines but may also spark your imagination. Keep in mind, the actual expenses can vary depending on the specific scope of your project and your location.  Engaging a seasoned REALTOR like Carl Johnson, who is well-versed in the Greater Triangle area, brings a wealth of negotiation skills to the table. Whether you're buying or selling in Durham, Chapel Hill, Carrboro, Hillsborough or the Crystal Coast, Carl's expertise ensures you get the best match to a property and the highest quality listing service with our Signature Listing Service, should you qualify, while providing professional & knowledgeable representation protecting your best interests.
From navigating offers to securing favorable terms, Carl Johnson Real Estate's finesse in negotiations can make a substantial difference in the outcome. Trusting Carl ensures you have a dedicated advocate, maximizing your chances of closing on the best terms. Call 919-880-0904 or CLICK HERE today to leverage Carl's expertise in the Greater Triangle. |
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