If you've been searching for a home in the upper price range of your market without success, you might have paused your search. However, recent data suggests that now could be the opportune moment to resume your search. Here's why.

There Are More Luxury Homes To Choose From

According to a recent report from the Institute for Luxury Home Marketing, luxury homes are generally considered to be those valued in the top 5% of any given market. The report also indicates an increase in the selection of luxury homes, as shown in the accompanying graph.

The graph illustrates that there are significantly more high-end single-family homes on the market currently compared to a year ago. In fact, there are even more than there were just a month ago. This expansion implies that you now have a broader selection of premium homes to consider, each boasting distinct features and designs.

Whether you were looking for the newest design features such as contemporary kitchens equipped with professional-grade appliances, stunning views, or integrated smart home technology, the increase in luxury inventory should make it easier for you to discover a property that suits your preferences and way of life.

Rising Luxury Home Prices Can Help You Build Wealth

Luxury home prices are increasing, with a reported 8.7% rise in the past year, as stated by HousingWire. This upward trend underscores the significance of this factor when making real estate decisions.

“People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension.”
— HousingWire

Buying a home now, before prices go up even more and with more homes available, could be the perfect time for you. As home prices are increasing, owning a home has the potential to increase your generational wealth in the long run. Conversely, delaying your purchase might result in paying a higher price for the same home later, considering the continuous rise in luxury home prices.

Bottom Line

With an increasing inventory and prices on the rise, there's now a wider range of luxury homes for you to consider, presenting a great opportunity. Ready to explore the upscale homes currently on the market in our area? Let's get in touch today.