Key Highlights
- Look to middle of the country for power lux markets
- Luxury markets offer consumers lifestyle amenities, cultural experiences and educational opportunities
- Local luxury prices defined by local markets
Coldwell Banker just released its latest research on national luxury markets titled “The Report: State of Luxury 2020.” This long-standing real estate firm looked at sales price to list price ratios, days on the market, median list prices and inventory levels in each market and determined that the following luxury markets were the markets to watch in 2020:
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- Boise ID
- Charlotte NC
- Colorado Springs CO
- Cincinnati OH
- Fort Worth TX
Other luxury markets worth attention, according to Coldwell Banker’s luxury report, included:
- Raleigh-Durham NC with the lowest DOM stats for single-family housing at an eye-popping 3 days and 11 DOM for condominiums
- Collin County TX for the most affordable square footage price for single-family units at $164/sq.’
- Colorado Springs CO for the lowest median price per square footage price for condominium units at $153/sq.’
- Malibu CA for the most expensive square footage price for single-family units at $4,269/sq.’ AND the most expensive square footage price for condominium units at $1,914/square’
Coldwell Banker’s latest report on power luxury markets included both well established and “unexpected” markets that offered various amenities for broad lifestyle choices, cultural experiences and quality educational opportunities. Power lux markets also offered buyers…
- Airport accessibility
- Ease of doing business
- Prestige brand presence
- Housing stock offering privacy, exclusivity and views
According to the luxury property specialist with Coldwell Banker Residential Brokerage in Boston, Ricardo Rodrigues, 2019 was a transformational year in luxury markets. “We watched Millennials and LGBTQ+ community members become larger stake-holders in luxury real estate and a shift in the profile of who’s buying. New trends on the horizon: eco-friendly and wellness with a focus on design and…now that energy efficient technologies are widely available, the expectation of green-certified building is growing.”
Thanks to realtor magazine for source data.
Also read: NAR’s Snapshot of January’s Housing Market, Podcast: 12 Month Center of Influence Expansion Plan! (Part 2), The Hottest Markets Over Next Five Years
