Here is the Nov 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 12.22% to an average price of $524,133. The Executive Class Luxe is performing at 12.98% year over year. The Luxe Class of $2 million + is performing at 13.68%. Uber Luxe, those properties over $5 million, is performing at 14.54%.
Demand is softening with inflation and rising interest rates. This softening is taking us from a frenzied market to one that is less so in most markets. Some markets are slight price declines (<5%) due to the inventory dump of iBuyers. Inventory overall is increasing and prices will start moderating into a flat or slower growth curve. Year over year declines are expected in a handful states.
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 43.09%. Five year luxe real estate averages are trending at 52.62%. Ten year luxe real estate averages are up 94.704%.
Year over Year National Luxe Real Estate Report Map:
Here are the Nov 2022 Luxe Real Estate Report numbers for the data geeks sorted by the biggest winners down:
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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.