Luxury Home Sales Predicted to Gain Momentum in 2024
Home sales in the luxury real estate market are expected to increase throughout 2024 according to Coldwell Banker Global Luxury’s Trend Report.
Though market conditions continue to stabilize with pent-up demand, a strong sales ratio, and increasing prices, counteracting factors like low inventory, higher interest rates, and higher prices have been balancing the market, and year-over-year home sales began to rise as 2023 concluded according to the report.
After a slower start to sales in 2023, the last quarter of the year saw an increase in year-over-year luxury home sales. Compared to Q4 of 2022 luxury single-family home sales increased by 4.2%, and attached home sales increased by 14.2% according to the report. The number of new listings also increased year-over-year, contributing to the increased sales volume in Q4 of 2023.
Moving forward, buyers are expected to gravitate towards “have-it-all properties” according to the Coldwell Banker report. Demand for move-in-ready single-family homes, vertical country clubs, branded residences, and golf-lifestyle hybrid communities is expected from luxury buyers. Smart homes are also expected to have increased demand.
Overall, consumer optimism is increasing for the luxury real estate market according to the report. A survey administered by Censuswide, on behalf of Coldwell Banker Global Luxury, outlined that 36.3% of luxury respondents think the 2024 real estate market will be better, 36.5% think it will be the same, and 22.2% think it will be worse.
Read the full 2024 Trend Report by Coldwell Banker Global Luxury here.
Sources:
The Trend Report 2024 – Coldwell Banker Global Luxury