Along with the rest of the market, luxury inventory has seen huge demand increases over the past year.
Research recently published by NAR shows that the luxury housing market is booming. Unlike in the past, the recent increase in demand and prices has extended to homes in the $1 million and up market segment.
The Market
While the market overall has been booming, the luxury market has been a sleeper success. According to NAR, during previous market upturns, it has lagged behind other price segments of the market. We are now seeing, however, the opposite situation come to pass.
The segment of the market priced at $1 million or above has, in fact, been outpacing some other areas of the market by a significant margin. According to NAR, this segment has seen an over 244% increase YOY in the number of units sold, compared to under a 48% increase in the segment covering homes priced $250k to $500k.
Make The Most Of It
While the luxury segment of the market has been booming, it is still important to make sure that any listing you have in this price range is represented with the best possible listing materials.
Hampton Roads Real Estate Photography offers industry leading solutions for homes in the $1 million plus range. In addition to our popular Perfect Marketing Package, we also offer a number of more involved services for luxury homes. Our Cinematic Walkthrough, for example, provides the engagement of our traditional video walkthrough, but with a more artistic and detailed view of the home’s unique features. We are also happy to provide custom services that allow you to represent your luxury listing in exactly the way that you want; simply contact us for details.
