The March 2024 Luxury Market Report

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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.

March’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.

This month, we delve into the underlying factors propelling demand and shaping the trajectory of the luxury real estate market over the past four months, as well as their enduring effects.

We scrutinize the surge in sales and the correlation between heightened inventory levels and the influx of new listings into the market.

Furthermore, we explore various catalysts bolstering demand, ranging from increasingly competitive mortgage rates to the emergence of a new demographic coined as “HENRYs” (High Earners, Not Yet Rich).

Uncover the reasons why, while the significance of ‘location’ as a primary decision-making factor remains steadfast, there’s an anticipated diversification in the markets favored by the affluent.

We delve into the rationale behind the heightened demand for distinct property types, spanning from branded residences to multi-generational homes, which are poised to dominate decision-making in 2024.

Acknowledging that this year will witness continued emphasis from the affluent on acquiring properties driven by amenities and experiential offerings.

Furthermore, we recognize that although lifestyle, exclusivity, and investment potential often steer demand in the luxury real estate sphere, it’s crucial to acknowledge the significant influence of regional preferences and market dynamics.

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.

Click here to see the Institute’s full report

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!

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