The luxury home market has been rapidly transforming for a few years now. It's full of emerging trends driving the industry forward and shaping the face of real estate. If you're planning to invest in the luxury segment in 2023 and beyond, knowing what to expect is useful.
Here are emerging trends driving the luxury real estate market in the new year.
One of the biggest changes sweeping the luxury real estate industry has been the focus on "green" homes. In the past, luxury homes were known for their extravagant features and opulence. However, this has become increasingly less desirable. Now, more affluent buyers are opting for homes that are more energy efficient, environmentally friendly, and eco-friendly.
To meet this trend, many luxury developers are focusing on creating homes with state-of-the-art energy efficiency measures and amenities with environmental benefits. For example, many luxury homes now feature solar panels, smart lighting, and energy-efficient appliances.
Another major trend in the luxury home market is the growing popularity of "intelligent" home systems. These systems allow homeowners to control a variety of devices and appliances in their homes from their smartphones or tablet. Some of the most popular home automation systems on the market include the Nest Learning Thermostat, the August Smart Lock, and the Logitech Harmony Remote, to name a few.
These systems provide homeowners convenience and increased safety, as they can remotely control lights, locks, and security systems while away from home. With the push of a button, they can also raise and lower their temperature, change the mood lighting, or adjust their security settings seamlessly.
Since the dawn of the "smart home," technology has provided luxury homeowners with increased security measures. As technology continues to evolve, owners of luxury homes can invest in a more comprehensive home security package. These systems can include motion sensors, automated door locks, smart home cameras and doorbells with facial recognition, and even smart light switches when homeowners are away from home.
Additionally, their systems can be integrated with other app-based services that offer real-time notifications, such as Nest or Ryobi. With such systems, homeowners can continuously monitor and remain aware of their homes.
Luxury homeowners increasingly want more features that make their homes an oasis of comfort and entertainment. From high-end audio systems to media rooms and home theaters, luxury developers are adding in all the bells and whistles to make their homes the go-to destination for entertaining. Even outdoor entertaining is becoming more popular, with developers investing in outdoor pools, Jacuzzis, fire pits, and other outdoor living features.
Smart kitchen appliances are also growing in popularity among luxury homeowners. Appliances seen as "smart" include ovens that can be remotely preheated, refrigerators with LCD displays and sensors, and dishwashers that can self-clean.
Smart desk appliances are also a big trend in luxury kitchens. Examples include countertop stoves, connected coffee makers, and voice-activated ovens. These appliances can provide more convenience and safety as they become more sophisticated.
These trends reveal a great deal about the luxury real estate industry and how it's continuing to evolve over the years. Technology plays a massive role in transforming how we design, build, and enjoy our homes. As more high-end homeowners invest in their homes and demand increased convenience, safety, and efficiency, the luxury home market will continue changing and adapting to meet their expectations.
At Kenny Jay Capital Corp, we understand the importance of staying updated with the latest trends in luxury real estate. Our real estate appraisers are dedicated to helping you find your ideal home and stay ahead of the curve in this ever-evolving industry. Contact us for accurate appraisals in and around the DFW metroplex.