Coldwell Banker has identified that markets that outperformed last year
The US luxury housing market was dominated by four clear ‘powerhouse markets’ according to a new analysis from Coldwell Banker.
The firm has just published The Report: The State of Luxury 2020 in which it identified several luxury trends from 2019 including include migrating wealth; impacts from tax law changes in 2018 that limited deductions for state and local taxes; and a focus on holistic wellness and eco-friendly design.
The four best performing markets were Malibu, California; San Diego, California; Austin, Texas; and Arlington, Virginia. These powerhouse markets had an evenly distributed hold on the top 10% of luxury sales in 2019.
“2019 was a transformative year for the luxury real estate market – we watched millennials and the LGBTQ+ community become larger stakeholders in luxury real estate and shift the profile of who’s buying,” said Ricardo Rodriguez, luxury property specialist with Coldwell Banker Residential Brokerage, Boston, MA. “New trends are on the horizon: eco-friendly and wellness-focused design is in for 2020, and larger homes aren’t always preferred like they once were. Now that energy efficient technologies are widely available, the expectation of a green-certified building is growing.”
The best performers provide luxury homebuyers with lifestyle amenities, cultural experiences and educational opportunities and typically have good airport accessibility, ease of doing business, a prestige brand presence and a housing stock that prioritizes privacy, views and exclusivity.
Markets to watch
For the year ahead, Coldwell Banker has identified five luxury markets to watch:
- Boise, Idaho
- Charlotte, North Carolina
- Colorado Springs, Colorado
- Cincinnati, Ohio
- Fort Worth, Texas
“It’s an exciting time to work in the luxury real estate space, and The Report continues to be an all-encompassing, timely resource for Coldwell Banker Global Luxury Property Specialists to prepare for the year ahead,” said Craig Hogan, vice president of luxury for Coldwell Banker Real Estate LLC.
The full report is available at https://blog.coldwellbankerluxury.com/the-report-2020/
