A new Coldwell Banker Real Estate LLC report, entitled “The Trend Report,” focused on increased consumer optimism in luxury real estate as the fourth quarter of 2023 welcomed in fresh energy from luxury homebuyers.
Overall, according to Coldwell Banker, one-third of surveyed luxury consumers feel that 2024 will be a better time to buy or sell a home compared to 2023, indicating enthusiasm for luxury real estate as they pursue their dream home.
Further, the luxury market saw sales during the last quarter of 2023 increase by nearly 4.2% for single-family homes and 14.2% for attached properties compared to the previous year, while new listings also increased by 14.2% for single-family homes and 7.2% for attached properties during the same period. On average, luxury consumers surveyed plan on selling their home within the next 10 months.
In addition to The Trend Report is data backed by additional insight and data from Coldwell Banker, the Institute for Luxury Home Marketing, and Wealth-X.
The top six themes shaping the 2024 luxury real estate market identified by "The Trend Report" are:
- Shifting out of Neutral: Influences on the Luxury Market
- Have-It-All Properties
- The Influence of AI
- The High Earners, Not Rich Yet (HENRY) Factor
- Foreign Buyers
- Smart Homes
In addition to the trends and consistent theme that wealthy Americans have a more positive outlook on the real estate market heading into 2024, key findings from the Coldwell Banker Global Luxury Consumer survey include:
- Continued desire for affluent consumers to purchase a home abroad
- Social media's tremendous role in homebuying decisions
- Location being the most important factor to consider when searching for a home
Click here to view more of the report, including the effect international investors and social media influencers are having on the luxury market.