2022 Luxury Real Estate Year-in-Review
As we say goodbye to 2022, let’s also look at how this year affected real estate in Florida and how these trends could continue into the 2023 market. Here’s a brief 2022 recap from luxury realtor Annie Hagstrom to keep you up to date on the latest news in luxury real estate:
The Luxury Living Boom in Florida
The combination of relatively low prices for incredibly luxurious homes and the absence of income taxes in Florida means we experienced a lot of luxury home growth in the sunshine state in 2022. However, while Florida’s cheaper building costs and low taxes give it an advantage over many states for a booming market—- the rest of the U.S. saw the boom as well. According to the Institute for Luxury Home Marketing’s 2022 recap, luxury home purchases tripled from 2018 to 2022 and demand for multiple luxury properties soared too.
The Effects of Hurricane Ian on Luxury Real Estate
Hurricane Ian’s landfall in September brought with it a sizable amount of damage to Southwest, Florida. However, thanks to lessons learned from Hurricane Irma, many luxury properties had already been reinforced and renovated. This resulted in minimal damage to many luxury properties and had a limited effect on the luxury market overall.
A Buyer’s Market Began to Return
The Institute for Luxury Home Marketing found that luxury homes were only on the market for 15 days on average in 2021. However, in 2022, buyers were given a bit more breathing time with an average of 10 more days to consider a single-family home on the market before it was swooped up. Additionally, the number of available homes nearly doubled— giving buyers more options in 2022! We believe these trends will continue into 2023, making the new year a great time for buyers to make a purchase.
For more 2023 insights and a more detailed 2022 recap on luxury real estate— give realtor Annie Hagstrom a call. Annie would love to walk you through the recent real estate trends and happenings so you can decide on the best time to buy!