WMBG Luxury Market

A Certified Luxury Home Specialist and a member of Coldwell Banker Traditions Global Luxury and Lifestyles Team, I have worked with many clients over the past few years on the sale or purchase of a luxury home and am familiar with the lifestyle options and luxury home properties available in the Williamsburg area. I am pleased to provide the following information on the WMBG Luxury Home Market.

 

LUXURY & LIFESTYLE PROPERTIES SOLD

 

WHAT’S HAPPENING IN THE WILLIAMSBURG, VA LUXURY HOME MARKET?

The graph below represents single family (detached) luxury home sales ($750,000 and above) in the Williamsburg VA market (zip codes 23185, 23188, 23089, 23168). The closer the line (new listings in that month) is to the bar (sold listing for that month) the more balanced the luxury home market. If the line is well above for a period, then we have excess inventory. If the line moves below the bar then we have a shortage of inventory.

Details for the units sold the previous 30 days are below. Be sure to check back on the first of every month for updated market information!

If you have specific questions regarding the information below or if you want detailed information for recent home sales in your neighborhood, please contact me at (757) 254-6678 or tevans@cbwilliamsburg.com.  (Data below as of 6/4/24)

 

Coldwell Banker’s January 2024 Trend Report shared the following trends for the luxury home market this coming year. This report reflects national trends, if you would like a copy of the full report or would like to know more about what’s happening in the Williamsburg area real estate market, email me at tevans@cbwilliamsburg.com.

Shifting Out of Neutral: The luxury housing market revved up at the end of 2023 as sales increased by 4.2% for single-family home and 14.2% for attached properties during the last quarter of 2023 compared to the same quarter in 2024. Trend indicators show a market on track for growth in 2024.

Have-It-All-Properties: A recent Censuswide/Coldwell Banker Global Luxury survey found that luxury consumers are most likely to say that location, price, size, home condition and design are most important to them. In other words, they want it all. Four property types – “of the moment” luxury homes, vertical country clubs, branded residences and golf-lifestyle hybrid communities will likely check all of the boxes for selective buyers this year.

America, the Investment Haven: Contrary to the news headlines, affluent international buyers have not cooled on American real estate. The number of international buyers purchasing real estate in the top 5% of the market saw an estimated growth of 25% in 2023 compared to 2022. Expect this to continue in 2024.

Smart Homes 2.0: with consumer lifestyles shiting and advancements in AI, the smart home market appears to be on the verge of moving from a market of early adopters to mass adopters.

Moving out of the Williamsburg area? Let me know and I can help you find a luxury agent to assist you with your home search.

If you have specific questions about the information provided or if you would like to learn more about the Coldwell Banker Global Luxury Marketing Program, contact me at (757) 254-6678 or tevans@cbwilliamsburg.com.