President's Message

Ayoub Rabah

President Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan Coldwell Banker Realty

Report Offers Insights on Luxury Market

Spring is here, the housing market is bustling and we’re finally on the path to returning to some semblance of normalcy soon.

Coldwell Banker Global Luxury® recently released The Report, which offers insights into the 2021 luxury market from Coldwell Banker Global Luxury property specialists around the world.

While it’s no secret the events of this past year had a big impact on many buyers’ decisions in 2020, The Report found that buying patterns throughout the world shared many similarities. Across locations and property types, people were seeking refuge in uncertain times, which was reflected in their decisions to purchase homes that provided stability and comfort.

The Report found that several top trends emerged in 2020, including family, health, space and security becoming the new luxuries. In addition, more than half of surveyed Luxury Property Specialists named “more square footage” as the new #1 amenity.

Here are a few other key findings from the survey:

• 2020 was the year of the single-family home. • Turnkey homes are king. • Second-home markets soared. • Most buyers wanted outdoor living spaces, pools, home offices and warmer styles, such as traditional over modern.

Many of these trends are expected to remain strong this year.

We hope these insights give you a clearer picture of the luxury market so you are better prepared to make real estate decisions. If you have any questions or are planning to buy or sell a home soon, Coldwell Banker Realty agents and Luxury Property Specialists are ready to share their knowledge and expertise. Get started today by contacting a local office or agent to schedule an appointment, or visit ColdwellBankerHomes.com.