5 Eye-Opening Facts About American Luxury Home Design
If you’re interested in buying or selling a luxury home in the near future, it’s always good to be aware of market trends and interesting facts. That’s why we’ve compiled a short list of 5 facts that might help you if you’re invested in the luxury home market, or are looking to be.
1. The Median Price of a Home of Luxury Design? $1.44 million
While the median price is quite high, the average price of a luxury home with modern elements is less, falling at $975,000. That means that the curve jumps as homes get higher and higher priced, but you will be able to find a home suited to your budget if you don’t have a million and a half lying around.
2. Most Luxury Homes Are Sold At Less Than 220 Days On The Market
Despite stories of never being able to sell a high-priced luxury home, such as one with a whole home makeover and kitchen remodeling (in other words, a large investment), most homes are easier to get rid of than many would have you believe. Luxury homes aren’t much harder to sell compared to the average American home.
3. One Third of All Home Buyers Are First-Timers
First-time homeowners are much more likely to engage in upgrades such as kitchen remodeling, so are more likely to buy homes that need some work rather than splurge on a custom home design priced at a high point. Younger couples who are buying their first home are notorious for engaging in kitchen remodeling, finishing basements, and other home overhauls. On the other hand, an older couple isn’t likely going to want a home that needs kitchen remodeling. After all, they’ve been there and done that.
4. Only 8% of Home Buyers Have a Household Income of $200,000 or More
That means that you’re selling, or competing with to buy, a small portion of the overall housing market when you’re dealing with luxury homes. Keep that in mind, and don’t necessarily treat everything as if you were in the normal housing market, such as having regular old open houses.
5. When It Comes To Interior Design, Florida Is The Place To Be
Boasting over 1,500 interior design locations, Florida is a hotspot when it comes to outfitting luxury homes with new decor, kitchen remodeling and other upgrades. If you are in the Florida market, don’t be afraid to take advantage of this, as an exceptionally decorated home is more likely to sell than a bare one.
Those are a few of our tips on participating in the luxury housing market. Do you have any other thoughts you’d like to share? Feel free to leave comments in the box below.