Overview

Due to the limited quantity of luxury properties and prospective buyers, the listing and sale of luxury real estate may present some challenges. However, with the right marketing mix and a little creativity you can connect your luxury listings with qualified and interested buyers—perhaps a multimillion dollar home could be converted into a winery, convention retreat center, or hotel, or maybe connecting with the international community will help increase the pool of prospective buyers.

Facts About Affluent Home Buyers

References

NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.


Facts About Affluent Homebuyers

  • Percent of first-time and repeat buyers with household incomes of $200,000 or more: 13%
  • Percent of first-time and repeat buyers who bought homes priced $500,000 and more: 15%
  • Percent of first-time and repeat buyers who bought homes 3,501 sq ft or more: 9%

Source: The 2020 Profile of Home Buyers and Sellers

The Luxury Property Market

Manhattan’s Luxury Housing Streak Continues with Another Week of Strong Activity (Mansion Global, Jun. 14, 2021)

Luxury Home Sales Soar 26% as US Recovery Favors Wealthy Buyers (The Chicago Tribune, Jun. 4, 2021)

Rapid Sale of Luxury Homes Suggest Uneven Economic Recovery, As Affluent Take Advantage of Remote Working, Low Interest Rates to Buy Dream Properties (Forbes, Apr. 22, 2021)

Coldwell Banker Releases “The Report”, A Comprehensive Profile of 2021 Luxury Real Estate Market (PR Newswire, Feb. 24, 2021) E

The Luxury Real Estate Trends to Watch for in 2021, According to an Expert (Forbes, Dec. 21, 2020)

Marketing t​o the Millionaire: Profile, Preferences, and More

Meet the 20-Somethings Funneling Their Crypto Millions into Real Estate (The Real Deal, Jun. 14, 2021)

Luxury Buyers Want it All, Down to the Bath Towels (Crain’s Chicago Business, Apr. 21, 2021)

Los Angeles Luxury Home Buyers Are Getting Down to Earth (Mansion Global, Mar. 7, 2021)

Here is What Luxury Real Estate Buyers Want in Their Homes (Forbes, Feb. 24, 2020)

Millennials are Changing the Luxury Real Estate Market (Bloomberg, Feb. 21, 2021)

eBooks & O​ther Resources 

eBooks.r​ealtor.org

The following eBooks and digital audiobooks are available to NAR members:

12 Secret Luxury Home Buyers Know, (Kindle, Audiobook, eBook)

12 Secret Luxury Home Sellers Know, (Kindle, Audiobook, eBook)

The Luxury Strategy, (Kindle, Audiobook, eBook)

Luxury Brand Management, (Audiobook, eBook)

Selling Luxury, (Kindle, Audiobook, eBook)

Selling Luxury Homes, (Kindle, Audiobook, eBook)

Books, Videos, Research Reports & More

The resources below are available for loan through NAR Library & Archives. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call the library at 800-874-6500 for assistance.

Selling Luxury Homes: Become the Preferred Real Estate and Trusted Advisor to High-end Clients in Your Market (Windsor, CT: Tide-Mark Press, 2010)

The World of Luxury Real Estate (CreateSpace, 2007)

Rich Buyer, Rich Seller: The Real Estate Agents Guide to Marketing Luxury Homes (Institute for Luxury Home Marketing, 2003)

Trading Up: The New American Luxury (New York, NY: Portfolio, 2003)


Have an idea for a real estate topic? Send us your suggestions.

The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.

Advertisement