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.
North America Luxury Residential Real Estate Industry Segmentation
Luxury residential real estate has a premium location, a high price, a huge size, precious materials, professional design, high-end facilities, and historic history. Buyers wishing to acquire a luxury home can pay anywhere from a few million dollars to more than USD 100 million, depending on local property prices. Today, a home is not considered luxury simply because it is expensive or large. Upgraded features like an expansive floor plan, a fully stocked kitchen, and a spacious pool are what luxury home buyers are after now.
The market is segmented By Type (Villas and Landed Houses, Apartments, and Condominiums). The report offers the market size and forecasts in value (USD billion) for all the above segments. The report also covers the impact of COVID-19 on the market.
| By Type | |
| Villas and Landed Houses | |
| Apartments and Condominiums |
| Geography | |
| United States | |
| Mexico | |
| Canada |
North America Luxury Residential Real Estate Market Size Summary
The North American luxury residential real estate market is poised for growth, driven by evolving consumer preferences and economic factors. The COVID-19 pandemic has significantly reshaped buyer priorities, with a notable shift towards larger homes in less densely populated areas, offering more space and natural surroundings. This trend is particularly evident among millennials, who are increasingly opting for luxurious properties that accommodate remote work and family needs. The market has benefited from low-interest rates and government stimulus programs, contributing to a sustained increase in home prices despite economic uncertainties. High Net-Worth Individuals continue to invest in luxury real estate, motivated by desires to enhance their living standards and well-being.
The competitive landscape of North America's luxury residential real estate market is characterized by a mix of large and small players, with major firms holding a substantial share. Key stakeholders include prominent homebuilders and innovative companies like Mighty Buildings, which are exploring new construction technologies. The market remains fragmented, allowing smaller businesses to compete by leveraging local expertise. As demand for spacious, health-oriented living environments grows, the market is expected to maintain its upward trajectory, with significant investments in both traditional and innovative housing solutions.
North America Luxury Residential Real Estate Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Villas and Landed Houses
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2.1.2 Apartments and Condominiums
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2.2 Geography
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2.2.1 United States
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2.2.2 Mexico
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2.2.3 Canada
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North America Luxury Residential Real Estate Market Size FAQs
What is the current North America Luxury Residential Real Estate Market size?
The North America Luxury Residential Real Estate Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in North America Luxury Residential Real Estate Market?
D. R. Horton Home construction, Lennar Corporation, PulteGroup, Mill Creek Residential and Wood Partners are the major companies operating in the North America Luxury Residential Real Estate Market.
