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The Sweet Spot for Buying Luxury Homes

June 5, 2024
market conditions

The Sweet Spot for Buying Luxury Homes

June 5, 2024
Homenewsmarket conditions
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Homenewsmarket conditions
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The Sweet Spot for Buying Luxury Homes

In this Article...

If you’ve been searching for a luxury home in Savannah or the surrounding area but haven't found the right fit, now might be the perfect time to resume your search. Recent data indicates an increase in the inventory of high-end homes, offering a wider variety of top-tier properties to choose from. Luxury home prices are also on the rise, which can contribute to building generational wealth over time. With more options available and prices climbing, this could be your sweet spot for purchasing a luxury home. Interested in exploring the luxury market? Reach out to EBRSavannah, a brokerage that works exclusively with home buyers, to find your dream home.

The Sweet Spot for Buying Luxury Homes

If you’ve been looking for a home at the high end of your market, but haven’t found the right one, you may have put your search on hold. But according to recent data, now may be the time to jump back in. Here’s why.

There Are More Luxury Homes To Choose From

What’s considered the top-end of the market, or a luxury home, will always vary by location. But generally speaking, they’re homes that are valued in the top 5% of any given market. According to a recent report from the Institute for Luxury Home Marketing, the selection of luxury homes is increasing (see graph below):No Caption Received


As the graph shows, there are considerably more single-family luxury homes available now than there were a year ago. In fact, there are even more than there were just a month ago. This means you should have a wider variety of top-of-the-line homes to choose from, each with unique features and styles.

Whether you were searching for the latest design elements, like modern kitchens with chef-grade appliances, a breathtaking view, or integrated smart home technology, more luxury inventory means you should have an easier time finding one that matches your taste and lifestyle.

Rising Luxury Home Prices Can Help You Build Wealth

Another important factor to consider is that luxury home prices are on the rise. According to HousingWire, luxury home prices have increased by 8.7% over the past year. That’s why:

“People with the means to buy high-end homes are jumping in now because they feel confident prices will continue to rise . . . They’re ready to buy with more optimism and less apprehension.”

This means buying before prices climb higher – and while more inventory is on the market – may be your sweet spot. Because home prices are rising, owning a home could help you build more generational wealth over time. On the other hand, if you wait to buy, you might end up paying more for the same home later on as luxury prices continue to rise.

Bottom Line

With growing inventory and rising prices, you have a greater selection of luxury homes to choose from and an opportunity in front of you. Want to see the higher-end homes that are available in our area? Connect with a local real estate agent today.

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