Welcome to THE REPORT 2023

Luxury Market Insights

There are more than a few words that could sum up our current luxury residential landscape: resiliency, adaptability, contradiction, transition, adjustment, resetting. Declarations of 2023 as a year of correction by some in the media may prove to be the most apt description of where the real estate market sits presently. But only time will tell if this title holds against the tides of reality. Expectations have shifted more recently, with all eyes on the spring to post a strong showing for luxury real estate after a momentary pause in 2022.

Paradoxes abound in this market. Conditions are improving for buyers this year, but it’s not a buyer’s market yet –at least not everywhere. Median prices for luxury single-family homes are up in some places, like Seattle, and trending down in others, like in Phoenix. Inventory is up overall, but new inventory continues to lag. Even on the wealth side, the metrics don’t paint a consistent picture. These contradictions have sowed confusion and allowed housing market misconceptions to take root, which is something The Report 2023 seeks to dispel.

This year’s report gathered intelligence from The Institute of Luxury Home Marketing, Wealth-X, Credit Suisse, the National Association of Realtors, a Censuswide/Coldwell Banker Global Luxury Survey, and others. Over 600 Coldwell Banker Global Luxury Property Specialists were surveyed for their outlook on the unique buying, selling, and market trends of high-end real estate.

I hope you will find this information invaluable.