The September 2023 Luxury Market Report

The Institute’s Luxury Market Report provides an in-depth analysis of trends and comparative data for leading residential markets in Canada and the United States.

The report for September examines the latest statistics for the North American luxury market, comparing month-over-month data and analyzing the 13-month trend.

Building on the insights from last month’s report, we take a deeper dive into the emerging trends for the latter part of 2023 and early 2024, particularly as the market appears to have established a new equilibrium.

We assess the demand, sales, and price fluctuations from the past 18 months to comprehend the market’s shifts. The projections for the luxury real estate market for the remainder of 2023 and into 2024 are predominantly optimistic.

Investigating pricing trends, we recognize that inventory is still a major player in helping to maintain current pricing and sales consistency.

However, as we explore demand trends, we are seeing a greater diversification as individual luxury markets become less influenced by national impacts, and more affected by local nuances.

We also highlight architectural designs poised to redefine home construction, and the primary motivations behind these decisions. Furthermore, we discuss major interior design trends and how they align with architectural choices.

Additionally, we outline prominent trends in smart home technology that promise to enhance our quality of life.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.

For homeowners aiming to buy or sell a luxury property in the current market, we advise partnering with a realtor. Such a professional can offer indispensable insights about your local market, ensure optimum security and safety throughout the transaction, and adeptly utilize technology and strategies for maximum reach and support.

Get exclusive insights into the upper-tier real estate market at one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!

Click here to see The Institute’s full report.