Luxury home prices and statistics can vary across regions, so it may be a good idea to look at each section of the market individually. For example, when it comes to Downtown Luxury, Sullivan said: “It’s no joke that $1 million to $2 million has been in the entry level in the Charleston metro in a very short period. If we track the top levels of the luxury market to 5m plus, the metro area has been closed compared to last year.
Trade-wise, he says last year’s sweet spot was in the $6 million range, but so far this year, it appears to be in the $7-10 million range.
“However, stocks generally remain low, especially when there are strict standards as buyers,” adds Brown.
Lack of stock is a direct correlation with pricing, Sullivan explains.
“It’s a little early, but there’s been a slight rise in pricing around the same time last year. Houses that require updates or functional changes take time to find buyers. So, we’re seeing price adjustments in some areas as sellers relocate to the spring market. We’re currently not seeing any changes in demand within our market.”
“People like to make purchase decisions, but that’s an illusion,” Brown says. “The markets fluctuate, the stock market reacts to the news cycle, and real estate reacts more slowly, but still fluctuate. Dedicated buyers are taking action.”
In her experience, Hayley Smith, real estate agent at Exchange Co., LLC, says it’s pretty rare that it’s rare for a luxury homebuyer to become a first-time homebuyer.
“It’s a bit unusual that they don’t own a home. in front, And then suddenly, they buy a sudden purchase of $2.5 million. Usually they had some kind of home ownership experience. For example, the first house accumulates considerable wealth. After that, they can buy another house. For example, I have one client who helped me buy a home for around $309,000 around 2012. Today, the house can be sold for $1.3 million. ”
