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  • February 2024 Luxury Home Market Report

    Thursday, March 7, 2024   /   by Amy Brown

    February 2024 Luxury Home Market Report


    Positive Influences on the Luxury Market

    The luxury real estate market in 2024 is set to benefit from a confluence of positive factors. A stabilized economy provides a solid foundation for growth, while technological advancements and a shift towards sustainable living are reshaping consumer expectations. Luxury properties that offer state-of-the-art amenities, energy efficiency, and innovative design are in high demand, reflecting a broader societal shift towards sustainability and wellness. Moreover, the luxury market is expanding beyond traditional hotspots to include emerging destinations that offer unique lifestyle opportunities. This geographical diversification is creating new investment opportunities and attracting a broader spectrum of affluent buyers, further stimulating the market.


    Asheville is one of those destinations. Take a look at some of the luxury neighborhoods that you will want to keep an eye on.

    • The Cliffs at Walnut Cove, Mills River, NC
    • Biltmore Forest, Asheville, NC
    • Ciel, Asheville, NC
    • Southcliff, Asheville, NC
    • The Ramble at Biltmore Forest, Asheville, NC
    • Grove Park, Asheville, NC
    • Montford, Asheville, NC
    • Lakeview Park, Asheville, NC
    • River Arts District, Asheville, NC
    • Biltmore Park, Asheville, NC
    • Reynolds Mountain, Asheville, NC
    • Olivette, Asheville, NC
    • Reems Creek Golf and Country Club, Weaverville, NC
    • Kenmure, Hendersonville, NC
    • Champion Hills, Hendersonville, NC
    • Grand Highlands, Hendersonville, NC
    • Mountain Air, Burnsville, NC
    • Balsam Mountain Preserve, Sylva, NC
    • Biltmore Lake, Candler, NC

    Potential Disruptors

    Despite the promising outlook, potential disruptors could impact the luxury real estate market in 2024. Economic volatility remains a concern, with global events and policy changes capable of affecting market confidence and investment flows. Additionally, the increasing importance of technology in real estate presents both opportunities and challenges. Rapid advancements can quickly change the landscape, potentially rendering some properties less desirable if they fail to keep pace with new trends. Another potential disruptor is the evolving regulatory environment, particularly in relation to property taxes and ownership laws, which could impact investor sentiment and the attractiveness of certain markets.

    Since many luxury homes are second and even third homes, if you are considering selling, you will want to make sure that your home is updated to current luxury features such as smart home features, attractive landscaping, chef style kitchens, custom closet systems, and spa style baths.

    Considerations for the Affluent

    For affluent individuals looking to buy or sell in the luxury real estate market in 2024, several considerations are paramount. Buyers should focus on properties that not only meet their immediate needs but also offer long-term value. This includes considering the potential for appreciation, the property's sustainability features, and the quality of the surrounding community. Sellers, on the other hand, need to understand the changing preferences of affluent buyers. Emphasizing the unique features of their properties, such as advanced technological integrations, architectural significance, or exclusive amenities, can help attract discerning buyers. Additionally, leveraging digital marketing strategies to showcase properties effectively will be crucial in a market where buyers are increasingly seeking immersive and interactive viewing experiences.


    This is where location and aesthetic become paramount. For example, historic homes in neighborhoods such as Grove Park and Montford will want to maintain their exterior historic charm while inside should be a showcase of modern amenities and comfort. 


    Outdoor spaces here are more important than ever and features such as outdoor kitchens, unique fire pit circles, water features, and calming garden spaces will set some luxury properties well above the rest.


    When choosing a brokerage to market your luxury home, you will want to ensure that they have the capability to reach outside of the regional market to other luxury markets around the country such as New York, Miami, Los Angeles, and Seattle. You will also want to ensure that photography includes videography in various formats such as drone footage and guided walkthrough tours with the highest quality cameras available. 

    Luxury market homes are sold online through video and photos so this element will be crucial to your sale and obtaining the highest price possible. That is why we use the same camera that they use for major motion pictures, a Red Raptor cinematic camera, to capture homes in outstanding light, color, and spectrum.


    For the complete nationwide February 2024 market report, please email me and I will happily send you the pdf. This will include all major luxury markets across the U.S. including Asheville.

    Have a wonderful day and keep dreaming big,

    Amy and Mark Brown