As a result of the recent boon to the suburbs, home prices on the North Shore have reached record highs. Changing wealth dynamics have driven more luxury home sales in our communities over the past year — a trend we anticipate will continue into 2021. In a new report, Sotheby’s International Realty examines what’s in store.
Real estate markets have become increasingly competitive with home prices reaching record highs. The past year has been a rollercoaster for individuals due to dramatic swings in the stock market, new tax policies across the US, and ultra low interest rates. The wealth effect has driven more luxury home sales — a trend we anticipate will continue into the year.
Sotheby’s International Realty is pleased to announce the release of its inaugural 2021 Luxury Outlook report which examines high-end residential markets across the globe in the wake of the Covid-19 pandemic. The comprehensive report provides insight into the world’s top primary and secondary markets and the anticipated wealth trends that will drive discretionary investment in the coming months.
Key findings featured in the Sotheby’s International Realty 2021 Luxury Outlook include.
- 63% of respondents said they expected luxury home prices to rise over the next three years
- Trophy home buyers remain heavily concentrated in the U.S. and China
- By August 2020, high-net-worth individuals’ collective wealth had grown 37% from March 2020, according to a study by Wealth-X
- The most important amenities for luxury buyers today are private outdoor space or nearby parks and additional square footage for remote work and education
- By 2025, millennials could account for 45% of luxury goods sales
The Sotheby’s International Realty 2021 Luxury Outlook report was compiled by surveying Sotheby’s International Realty agents who transact in the US$10M+ price category around the world. This information was complemented by gathering supporting data from other leading industry experts, including Credit Suisse, the Luxury Institute, and the National Wellness Institute, in addition to art and luxury experts at Sotheby’s, the famed auction house.
Click here to download the complete report.
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Team Harborside provides clients with luxury representation and service at every price point and in every stage of life. Led by Matt Dolan and Dick McKinley, Team Harborside has amassed over $500 million in gross sales and a loyal clientele across every aspect of residential real estate