The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
January’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
The best way to sum up the luxury real estate market during 2023 might be that it remained “unapologetically resilient”, despite a slower year in the overall sales volume compared to 2022.
Our review analyzes predictions against reality, statistical data as well as buyer preferences and demand changes that occurred during 2023.
We investigate why buying luxury homes retained its appeal despite the complexities that affected both buyers and sellers during 2023, and why this was an important factor in the market shift during the last quarter of the year.
Discover which predictions proved accurate, those affected by unexpected influences and what new realities emerged.
Understand why inventory still played such a key role in the luxury real estate market, and the dichotomy caused between growing inventory levels and a declining number of new listings entering the market each month.
We review the resilience of the luxury real estate market as we investigate why prices have remained stable, with an overall 3% growth during 2023.
We uncover the biggest changes in consumer demand, and why buyers although frustrated by the lack of inventory were not willing to compromise on their next luxury home purchase.
What architectural and interior design trends became prominent during 2023 and why should sellers, looking to put their homes on the market in 2024, take note?
We review why cash, move-in-ready, experience-based properties and correctly priced homes were the winners in 2023.
As always it is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities within your local market, as they may differ from the viewpoint at the national level.
For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security and safety during the process and who knows how to leverage technology and strategies to provide maximum exposure and assistance.
Get exclusive insights into the upper-tier real estate market at one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!