Luxury Market: 5 Real Estate Trends of 2022

Luxury Market: 5 Real Estate Trends of 2022

Are you involved in luxury real estate? Let’s find out today, what is in store for the luxury market real estate in 2022!

Between January 2021 and January 2022, the luxury market has shifted. Houses are now only on sale for half the length of time they used to be. You need to get on board with the current trends to stay ahead of the game and not fall behind in this ever-changing world.

This article will help you understand the current market trends for luxury homes in California. By the time you have finished reading, you should understand how you should pivot your sales moving forward into this new year. So, get reading and learn what it is you will have to do over the next twelve months.

City Migration

After the COVID-19 pandemic, there was a lot of migration out of cities and into locations where people could either remote work or feel more secure. With a lot of change happening since then, some homeowners are looking to return to urban centers, but many more continue this migration. Others are switching from major urban centers to less-dense smaller cities.

Greater Popularity Of Owning Multiple Houses

Because of the migration (above), a lot of luxury homeowners are seeking a second habitation. This lets them work remotely while also offering comfort and security while the decade’s troubles work themselves out.

If you have a luxury market report, you may see that this has become much more common in 2021 and 2022, with no proof that it is stopping. People have realized how secure the feeling of owning multiple homes is, and are not giving their investments up.

Reduced Inventory

Because of the rise of co-ownership, there is currently a severe shortage of new luxury homes on the market. Late into 2021, sales far surpassed new inventory. This has continued, and inventory is now at an unprecedented low.

Rising Luxury Prices

As inventory continues to reduce, the supply and demand of the market follow suit. Over the past year, prices have risen consistently. Moving into 2022, that rise does not look like it is reducing.

Even smaller markets are feeling it, with some thresholds increasing by as much as 40 percent. It is time to look for a way to enter the market fast before you get priced out of it.

Turnkey And New Construction Popularity

People simply do not want to have to contend with remodeling and repairs. When you ask yourself “how expensive are luxury homes?”, it is hard to see extra payments being something you would want to involve yourself with. As such, the joy of having a home that is ready to go as soon as you buy it is causing the prices of these offerings to skyrocket.

What Next In The Luxury Market?

You should now have a much better understanding of how the luxury market will move in 2022. If you are in the market for a luxury home yourself, be sure to check out our featured listings. Every one of the homes is on the market and ready for a new owner.

So, check them out today and see what appeals to you.