Coldwell Banker Global Luxury Releases The Trend Report 2022
The real estate market is in a state of shift. The sensational media headlines are unavoidable as the market moves from a white hot seller's market fueled by the pandemic boom to a more balanced buyer friendly market. It's easy to get caught up in the noise of the turbulence of the housing market as we all navigate through the choppy waters. As the leaders in the global luxury real estate market, Coldwell Banker has seen many transitional markets since 1903. Navigating rough waters successfully requires a calm and deliberate understanding of the conditions while charting a course forward. Today, the experienced captains at Coldwell Banker Global Luxury released their illuminating Trends Report that will help make sense of the current conditions in 2022 while projecting the opportunities in the luxury market in 2023.
The Coldwell Banker Global Luxury leadership team understands that listening to consumers is one the most impactful ways to understand where the market is headed. Identifying cultural, economic and social trends shines a light possible opportunities in 2023. The team curated insights from several exclusive resources including the Coldwell Banker Global Luxury/Censuswide survey, the Institute for Luxury Home Marketing, Wealth-X, and outside experts to spotlight the major trends guiding the luxury real estate market now and in the future. The data was compiled from 2019 to August of 2022 to ensure the information is reflective of the changing dynamics during that time.
Through in-depth analysis with thousands of high net worth consumers, the Trend Report has identified some of the drivers that could influence purchase decisions in the next 1-3 years. A shift towards smaller homes, global relocations, focus on secondary or vacation properties and creative financing strategies in the face of higher interest rates are all highlighted in the report. Additionally, some buyers who purchased during the pandemic frenzy indicated they may relocate due to buyers remorse.
In spite of the current rough waters of the 2022 housing market, many luxury investors continue to be somewhat bullish about the market in 2023 as consumers continue to seek change in their housing portfolio and negotiation leverage shifts from sellers to a more buyer friendly climate.
Read this year's luxury report here:
The Coldwell Banker Global Luxury® program collaborated with Censuswide, the Institute for Luxury Home Marketing and Wealth-X to provide insights into wealth creation, real estate, property investment, luxury spending preferences and emerging trends. Research conducted by Censuswide took place between August 2, 2022 and August 15, 2022. The survey reached 2,001 U.S. consumers aged 18+ with a household income of $1M+ and who have bought a home in the U.S. worth $1M+, with quotas of a minimum of 100 per the regions targeted. Censuswide abides by and employs members of the Market Research Society which is based on ESOMAR guidelines and principles. The Institute for Luxury Home Marketing analyzed data for the top 10% of 120 U.S. markets. Data contained is from January 1, 2019 to August 31, 2022, and has been computed by the Institute for Luxury Home Marketing's data research partner and shared with Coldwell Banker Global Luxury® and based on information attained both privately and publicly. The Top 10% is defined as homes (or in terms of inventory or list prices), matching or exceeding the 90th percentile sold price for homes sold from January 1, 2019 to August 31, 2022. For more information on how data was collected and defined, please refer to the full methodology on page 4 of The Trend Report.