By Kathryn Pomroy
Published July 29, 2024
Luxury Housing Market Trends for 2024
The luxury housing market was thriving at the end of 2023. Despite limited inventory and fluctuating interest rates, deep-pocketed buyers remain resolute about their preferences in 2024. Amenities that were once considered ostentatious have now become standard, prompting sellers and builders to elevate the luxury experience.
Must-Have Features for Luxury Homebuyers
Recent surveys reveal significant insights into what luxury homebuyers are prioritizing:
- Double Vanities: Approximately 86% of luxury homebuyers consider these essential.
- Kitchen Islands & Countertops: 85% are requesting both granite and quartz options.
- Walk-in Pantries: 83% of buyers are looking for this feature.
- Updated Kitchens: Over half of luxury homebuyers are unlikely to make an offer on homes with outdated kitchens.
Desirable Home Trends
Among other favored features, luxury buyers are deeply interested in open floor plans, with more than 80% of agents indicating this preference. Moreover, granite countertops are now considered “very desirable,” while trends like sliding barn doors and shiplap have diminished in popularity.
| Desirable Home Trends for Buyers | Share of Agents Who Said “Very Desirable” |
|---|---|
| Linoleum Floors | 1% |
| Tile Countertops | 2% |
| Wallpaper | 4% |
| Dog Wash Station | 5% |
| Bright-Colored Accent Walls | 6% |
| Sliding Barn Doors | 8% |
| Shiplap | 8% |
| Wet Bar or Beverage Center | 22% |
| Granite Countertops | 51% |
| Open Concept Floor Plans | 83% |
Importance of Updated Features
According to a Redfin survey, 54% of homebuyers would likely pass on a luxury home if its kitchen is outdated. Sellers, therefore, might find themselves at a disadvantage if they neglect updates—especially considering renovation costs ranging from $78,000 to $154,000 for a kitchen remodel, depending on location.
Moreover, other common deal-breakers include:
- Lack of curb appeal (48%)
- Outdated bathrooms (44%)
- Popcorn ceilings (40%)
Outdoor Features Homebuyers Prefer
Interestingly, nearly 70% of luxury homebuyers emphasize the importance of landscaping as a must-have feature. Additionally, 58% value indoor/outdoor living spaces, while covered patios (46%) and pools (33%) round out the list of desirable outdoor elements.
For those interested in diving deeper into housing market trends, it’s beneficial to stay updated with reputable sources.
