Luxury real estate markets across North America stand strong as global wealth sees a substantial increase in 2021, according to Coldwell Banker Global Luxury’s release of The Report: 2022 Global Luxury Market Insights.
“Stock market gains, rising home equity, increased savings and the cryptocurrency boom have all contributed to a massive expansion of wealth and the sheer number of affluent individuals across the globe,” says Michael Altneu, vice president at Coldwell Banker Luxury.
As an increasing number of wealthy individuals from both within the country and internationally are expected to fuel the U.S. luxury real estate market in 2022, single-family home prices across the nation have already increased by almost 15% in 2021 and another 20% the previous year, according to the report.
Secondary markets and secondary home sales have also seen increased interest from wealthy individuals.
Vacation homes or secondary residence purchases increased 32% in 2021, and 23% in 2020, while interest in secondary markets like Denver; Sacramento, California; Boise, Idaho; San Antonio; Raleigh, N.C.; and Salt Lake City has also increased, as reported by Coldwell Banker.