While there were many luxury real estate trends that emerged during 2020, these five trends showcase how luxury real estate agents can serve their clients in these still-uncharted waters. Check out Inman’s coverage of “The Report” and the five trends that are here to stay in 2021:
1. Intangible Wealth
In the face of the pandemic, intangibles—family, health, space, and security—are the new luxury. Luxury homebuyers are looking for homes that offer these intangibles, whether it’s a sense of escape or improvement of health and wellness.
2. Big is Back in Vogue
Gone are the days of “less is more”. Likely influenced by pandemic distancing, buyers are looking for privacy, seclusion, and enough space to live, work, and play comfortably.
3. Investment Diversification of the Affluent
Market volatility in 2020 created a high level of disparity in the S&P 500. The lowest dips, notably in the energy sector, were matched by massive growth in tech. The residential real estate market boomed despite—or perhaps as a result of—the tumultuous market.
4. Real Estate Resilience
Uncertainty in all walks of life during the pandemic was underpinned by resilience in the real estate market. The industry adapted quickly to ever-changing restrictions, and adapted to new uses of technology and remote selling.
5. New Demographics: The Next Normal
The pandemic caused many to reevaluate their priorities and lifestyle, and the normalization of remote work opened the opportunity of homeowning in a variety of new frontiers. This change in mindset and lifestyle created a new demographic called “Affluent Trailblazers”, who defy traditional categorizations of net worth, age, or gender.
If you haven’t checked out The Report 2021, take a look to get top trends, landmark listings and sales, changing buyer preferences, the latest U.S. power markets, and more.