Market Size of North America Luxury Residential Real Estate Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Luxury Residential Real Estate Market Analysis
The North American Luxury Residential Real Estate Market is expected to register a CAGR of more than 2% during the forecast period.
Due to limitations, social distancing measures, and the work-from-home lifestyle, the COVID-19 epidemic significantly impacted the North American residential real estate market. At the beginning of 2020, the median sale price of a home in the U.S. was USD 288,000, and by the beginning of 2021, that figure had increased by 14% to USD 329,000. At the start of 2022, the median home price had jumped another 16% to USD 376,000-and was already up to USD 424,000 as of April of this year.
The COVID-19 epidemic has tremendously influenced consumer choices for what they want in a residential home. As a result, individuals are increasingly choosing lavish mansions and vacation homes in outlying locations since they provide more open space and beautiful green surroundings. People have realized the significance of family and well-being. While many big cities saw citizens migrate once Covid-19 lockdowns began, other cities experienced increased high-end property sales and prices. The most expensive listing in Florida in 2021 was 25,754 percent more than the median price.
