The Institute for Luxury Home Marketing released their February 2022 Luxury Market Report. Click Here to download the full report which covers the luxury real estate market in North America. Below we highlight some key takeaways from the report that we feel are important to our clients!
Though things are not projected to slow down to what we used to call a normal market, "trends are showing that a price plateau is more than likely for at least the first quarter for 2022, as both single-family and attached property median prices have remained fairly consistent since October 2021. Inventory levels, which tend to fall in the last quarter of each year and not pick up until March of the following year are also following normal trends, although at a much lower level, as the number of luxury homes for sale has hit a 20-year low."
"It is also possible to predict that affluent buyers will continue to create a strong demand for luxury homes in 2022. The data for January 2022 already shows this strength of demand with single-family home sales increasing 29% and inventory decreasing 28% over January 2021. On the luxury attached side of the market, inventory is down 42% and sales are up 30%, year over year."
"While the demand for luxury real estate market is not turning over a new leaf, there is certainly an appreciation that a leaf has been turned when we look at the other ongoing trends; including a greater diversity in location choice, property types, ownership levels and what amenities have become major priorities for affluent homeowners."
"The claim that people are all leaving the city has been a little overblown, and there has been a substantial move back by those not ready to give up their metropolitan lifestyle. However, there has been a shift - with those returning to the city wanting much larger residences offering space as well more sophisticated amenities and technology that addresses their health and wellness requirements. "
See the Stats for Luxury Monthly Market Review for the Raleigh-Durham, NC Market!
Interested in Luxury living in the Triangle area? Click Here to read about Carl's Institute for Luxury Home Marketing Certification.