Luxury home sales jumped +72% y/y in 2021 and +116% compared to 2019.
Luxury Home Sales Soared in 2021
2021 was good to sellers at all price points but sellers of luxury homes (homes priced at or more than $2M) were particularly favored last year.
Take a look at these year-over-year changes in lux sales, according to CoreLogic:
Clearly, sellers of homes priced between $10 and $20M were the biggest winners in 2021 as sales within this price sector soared +89% in the US.
2021’s share of luxury sales hit 1% of total home sales in the US, up from a pre-pandemic average of 0.4%.
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International Markets Where Lux Sales Surged
Luxury markets in Singapore, Dubai, France and Spain surged during 2021. Australia’s luxury market (+$2M) recorded an increase of +129% in sales. This mind-blowing increase of +129% in luxury sales pushed the share of luxury homes sold in 2021 to 2.3% of total sales in Australia’s market, up from an average of 1% in pre-pandemic years.
Demand in New Markets for Luxury Homes in 2021
California, Florida and New York have traditionally sparked the lion’s share of luxury demand. This continued in 2021 as these three states accounted for 63% of all lux home purchases however, other states, such as Colorado, Arizona and North Carolina, also captured the attention of luxury buyers as well.
Take a look:
All of these areas saw an increase of +400% in ultra-lux home sales. Why? A soaring stock market, soaring valuations of cryptocurrencies and eye-watering real estate prices that enabled affluent individuals to multiply their net worth even more so in 2021.
The result? There was an increase of 25% of people in the US with a net worth of +$5M. Globally, there was an increase of 20% of people with a net worth of $5M or more.
CoreLogic anticipates that this increased population of 3.5M of high-net -worth individuals will continue to drive luxury demand and strong lux price growth into the future.
Thanks to CoreLogic
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