The Institute for Luxury Home Marketing has released their July 2022 monthly trend report, CLICK HERE to download the full report. We are happy to share this information to you from our personal resources! The following is per the Institute for Luxury Home Marketing July 2022 Market Report:
"In short, despite increasing inventory levels and the slowing of sales transactions, experts are very clear that buyers waiting for prices to plummet to pre-COVID levels are unlikely to witness a nosedive any time soon.
Popular price points, especially in metropolitan areas, are still seeing a slight upward trajectory, with only the newer boomtowns that benefited from the mass exodus from cities starting to see impatient sellers decrease their listing prices.
Although interest rates and inflation are slowing the pace of real estate, there has been a significant influx of former and new residents entering many of the more established metropolitan markets over the last year. The rental market flooded, causing rental prices to soar. With the cooling of the residential resale market, many renters have started to buy despite rising interest rates, weighing up the costs in favor of homeownership.
Supply is still low for luxury properties comparatively, which also gives potential buyers the opportunity to see their new property appreciate in value, especially as more people continue to return and fuel the demand further in the months to come.
The summer and fall of 2022 are likely to see a very unsettled picture with regard to inventory levels, prices, and sales. Those looking at real estate as an investment expect a slower and bumpier ride compared to the last two years.
Homeowners looking for their next home then recognize that costs to purchase will be higher (mainly due to increased mortgage rates), but that over the long-term real estate offers one of the most consistent ways to see a good return, but more importantly, ownership provides security and a safe haven for your family."
See the 13 Month Market Trend below on Luxury Homes below:
Raleigh-Durham Single Family Home July 2022 Luxury Market Review stats are below:
Looking for ways to introduce luxury into your current home? CLICK HERE to check out our blog post on Smart Home Trends to read about new technology you can add to your home today to make it more modern!