The second half of 2022 gave an already exhausted market a moment to pause.”

With the rise in rates, and the pause on the real estate market in the later portion of 2022, it is the transverse for the ultra-wealthy. These high-end buyers are still active in the luxury market, making cash purchases and others with financing. The luxury high-end market in North Jersey experienced some notable high-end sales, more so than in previous years.”

Diane Cookson

The supply/demand disequilibrium pushed prices to unprecedented levels with multiple offers on multimillion dollar homes within days of listing, however rising interest rates in the second half of 2022 gave an already exhausted market a moment to pause. Going into 2023, inventory is still historically low and the luxury buyers are still waiting for the perfect home to come on the market. Given these unique conditions and the overall increase in wealth in the buying community, we suspect there will be solid support in the luxury market in 2023.”

Mary Premtaj

$7.9M

Highest Listing-represented

Compass Regional Sale, 2022

Represented by Christine Blackburn and Lior Barak

$18.3M

Highest Buyer-represented

Compass Regional Sale 2022

Represented by Scott Hustis & Mark Jovanovic

“

In 2022, luxury townhouse sales in Brooklyn continued apace. Most notably, homes that had brand new, high-quality renovations conducted by talented architects found buyers quickly. Brooklyn’s 19th-century townhouses, when beautifully restored, are both aesthetically pleasing and sustainable, and savvy buyers know this.”