The May 2023 Luxury Market Report

The May 2023 Luxury Market Report

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The Institute’s Luxury Market Report is your guide to analysis on the trends and comparative data in the top residential markets across Canada and the United States.

May’s report examines the current statistics of the luxury market in North America on a month-to-month basis, along with the 13-month trend.

This month, we explore new mindsets and location trends following the World Health Organization’s declaration that the pandemic is ‘no longer a global emergency,’ symbolizing its end.

After three years of decisive relocations, migrations, and changes in homeownership, what are the long-term effects of the decisions made by the wealthy?

We investigate how their choices have impacted real estate purchases, particularly in the luxury market, and consider the implications as we move forward.

We examine whether affluent priorities have shifted and how their influential power has affected the popularity and wealth of both new and existing markets worldwide.

We delve into why the affluent are embracing a more purpose-driven lifestyle and how this has led to an increase in home purchases.

Additionally, we reveal some of the top markets currently experiencing the effects of this new mindset, both in the United States and Canada.

Has the global demand for luxury homes returned? If so, which cities are experiencing growth, and why is stability so important?

Nevertheless, as declining inventory continues to be the lynchpin of the market, we investigate some of the innovative solutions currently in play.

It is important to understand that the art of selling and buying should always include an analytical approach to truly grasp the realities, rather than solely relying on market rhetoric.

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 critical knowledge about your local market, maintain a high level of security and safety during the process, and leverage technology and strategies to maximize exposure and assistance.

Get exclusive insights into the upper-tier real estate market by participating in one  of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!


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