Here is the Dec 2022 Luxe Real Estate Report by the staff at RE Luxe Leaders. Each month we take a look at the US Luxury Real Estate Stats. Admittedly the numbers skew in luxury from pocket to pocket, but keeping an eye on the trends in a year over year, three, five and ten year gives us some very interesting insights.
The real estate market is slowing across the country. Year over year stats have the top of the national market up 11.13% to an average price of $522,753. The Executive Class Luxe is performing at 11.60% year over year. The Luxe Class of $2 million + is performing at 12.21%. Uber Luxe, those properties over $5 million, is performing at 13%.
Demand is softening seasonally. This is amplified with inflation and ever rising interest rates. Some markets are experiencing price declines (<5%) due to the inventory dump of iBuyers and institutional investors. Inventory overall is increasing and prices will start moderating into a flat or slight growth or slide.
When we take a look at the various areas, we see longer term growth trends favors the South East and Northwest. Three year luxe averages are up 42.66%. Five year luxe real estate averages are trending at 51.73%. Ten year luxe real estate averages are up 93.26%.
Year over Year National Luxe Real Estate Report Map:
Here are the Dec 2022 Luxe Real Estate Report numbers for the data geeks sorted by the biggest winners down:
Looking for the 12 month forecast down to the zip code? Follow this link
We use the national data for the top 1/3 of each market in the US. While we generally recognize luxury at the property level, this report looks for area trends.
We divide and define the US National Luxe Real Estate into three categories:
- Executive Class. Areas where properties currently average sold prices of $750,000 and higher.
- Luxe. Areas where properties currently average sold prices of two million dollars and higher.
- Ultra-Luxe. Areas where properties currently average sold prices of five million dollars and higher.