From security and privacy measures to wellness amenities, here are six luxury real estate trends for marketers to take note of.
Smart home technology, high-level amenities, and emphasis on security — those are just some of the luxury real estate trends that will shape the market this year and beyond.
Here’s what you need to know, boiled down to a 5-minute read.
Overview of the luxury real estate market trends in Boston
The luxury real estate market is changing rapidly due to technology that allows for increased consumer mobility. More and more buyers are able to tour homes virtually, giving them access to properties around the clock. Affluent buyers have started to expand the ownership of property beyond their historical locations, branching into new areas and even across state lines.
And let’s not forgot about millennials. While Baby Boomers still possess more current wealth, younger buyers continue to grow tremendous spending potential. That is why they have become a crucial market segment for luxury real estate agents.
Luxury real estate trends to look for
Similar to other industries, the real estate world is driven by demand. In fact, the nationwide average selling price for luxury properties increased towards the end of 2018 despite increased mortgage rates. But several factors remain constant: the trends and features that come with high-end homes. Here are the most popular trends.
1. Smart homes
Connectivity and convenience go hand in hand in luxury real estate. A home equipped with the latest in digital technology is a statement of wealth and modernity. The smart home does not only benefit the environment but deliver financial benefits to the owner as well. For all the developments with smart locks, smart thermostats, and more, we are only seeing the beginning of the smart home revolution.
2. Advanced security
The affluent home buyers spare no expense to ensure their lives and items remain secure. From hiring architects who conceal houses to scraping their properties off the grid, this market segment invests heavily in security. And more advanced features and products will hit the market in the next few months.
3. Focus on privacy
In addition to security, buyers at this price point also value privacy — and they are willing to spend big bucks to achieve that sense of complete seclusion. If you acquire a home for $5 million, you do not expect it to be visible to neighbors or have anyone from the street walk to your front door. Buyers want homes with gates, hedges, and walls, but not that big chain link fence. Aesthetically pleasing privacy features add a different layer to it.
4. Guest suites
Most luxury buyers are embracing the trend of guest suites. The suite does not have to be detached. It can sit right off the garage downstairs or be equipped with an en-suite bathroom to be used by visiting family or friends, as well as the live-in maid or nanny. Buyers also prefer extra space and rooms for home offices, workout rooms, or a gym.
5. Swimming pools, particularly smaller ones
A pool is one of the key expectations in any luxury property. However, few people want the pool to take up the entire backyard. Instead, home buyers may opt for a smaller plunge pool or a “glorified jacuzzi.” With the construction of big homes on small lots, the trend makes perfect sense.
6. Amenity-rich homes
Customized libraries, wine cellars, yoga roof decks, serenity spaces — affluent buyers have moved beyond private gyms. And developers are responding accordingly, adding wellness amenities to new projects. Eco-friendly features have also begun to play a more significant role with buyers specifically searching for LEED–certified buildings.
What trends have you noticed in luxury real estate?
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