What is The Report?
The Report 2023, published by the Coldwell Banker Global Luxury® program, curates the latest luxury real estate insider info and forecasted market trends from the Institute for Luxury Home Marketing, Wealth-X, Coldwell Banker Global Luxury Property Specialists and other wealth experts.
Luxury Real Estate Take-Aways
A Housing Market Correction Appears to be Underway:
After three years and 40% price increases in the luxury home sector, uncertainty took root after the Federal Reserve started hiking interest rates in March 2022 to curb inflation. The market appears to now be normalizing to traditional levels.
What Defines a Dream Home in 2023:
Most Luxury Property Specialists said that indoor-outdoor living spaces, a chef’s kitchen with up-to-date appliances, and a home with a breathtaking view are their clients’ top must-have home amenities. Meanwhile, 40% said that their clients define a dream home by its views. And, 36% said quality of construction or materials.
Secondary Homes Become Mainstays:
The percentage of U.S. individuals with a net worth of $5 million+ who own two or more properties increased from 70% in 2021 to 79% in 2022, per Wealth-X. Among those, over 16% of their wealth is allocated toward real estate and other luxury assets.
Top Spring Buying and Selling Opportunities:
An analysis of 125 U.S. cities revealed the top 10 opportunity markets for buyers and sellers this spring. St. Louis led the list for sellers, while Marco Island, Florida, has grown friendlier to buyers.
Read through The Report below.
Learn More
Check out our blog – even more about the housing market in Naperville and the surrounding suburbs.