The Institute for Luxury Home Marketing has analyzed a number of metrics — including sales prices, sales volumes, number of sales, sales-price-to-list-price ratios, days on market and price-per-square-foot – to provide you a comprehensive North American Luxury Market report.
The Institute’s recent analysis of sales in 2020 for homes over 5,000 square feet support the continuing preference for larger homes. The analysis determined that there was a 17% increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019. At the end of Quarter 1st, 2021 the single-family luxury market numbers in North America were trending upwards with median luxury sale price increasing from $1.375 million in December 2020 NORTH AMERICAN LUXURY REVIEW to $1.403 million in March 2021.
Luxury home prices continue to see record highs, as the influence of being able to work from home is still driving buyers away from living in high density areas. Low interest rates being a key factor, allows buyers to realize the affordability of owning a larger property, which further reinforces this trend.