US luxury housing draws record global demand as wealthy buyers ‘landmaxx’
Searches for distinctive properties, including estates, châteaux, castles, historic homes, branded residences and private islands, climbed 146% year over year, while land searches rose 97%. Location still outweighs condition for many shoppers: close to 40% of surveyed specialists said clients would accept a property needing work if the address was right, a sign that move-in-ready supply remains tight.
Luxury single-family sales rose 2.8% year over year even as attached properties such as condos and townhomes fell 3.8%.
“A luxury home can be built almost anywhere, but land is finite,” said Blaylock, president of Coldwell Banker Affiliates. “Features like waterfront acreage, historic estates, or expansive ranches are in high demand, but they require space to maintain and build. Affluent buyers are purchasing properties with that in mind.”
Searches for US real estate from international luxury shoppers rose 100% in the first five months of the year, based on Coldwell Banker’s review of data from luxury marketplace JamesEdition. California drew the largest share of international inquiries among US states, followed by New York and Florida, though New York posted the fastest growth in interest from overseas buyers.
Asset shift
Wealthy buyers are also directing more of their assets toward real estate.
