Six basic trends in luxury real estate in 2024

July is Inman’s luxury month. Tune in as we investigate the evolving luxury market, explore emerging trends, and speak with top producers and influencers in the ultra-luxury space about how they got to where they are today and the insights they’ve gained along the way. The month will culminate with the live announcement of the expanded Golden I Awards at Luxury Connect in Las Vegas (July 29-30).

As we enter 2024, the luxury real estate market is rapidly transforming. Innovation, personalization and changing buyer preferences are driving this evolution. Here are the six trends we believe are shaping the future of luxury real estate and that every elite agent needs to be aware of.

1. Smart home technology

We have seen significant growth in demand for smart home technology among our elite customers. Features like smart lighting, automated shades, integrated entertainment systems and high-tech security innovations are no longer optional; they are expected. These technologies prioritize convenience, safety and energy efficiency.

Picture this: Homeowners can control everything from lighting to security systems from their smartphones, ensuring their homes are not only safe but also energy-efficient. The emphasis on these smart features highlights the broader trend of homes that are not just luxurious, but also functional and sustainable.

2. Luxurious outdoor living spaces

Our elite clients increasingly value outdoor living spaces that offer the same level of luxury and comfort as their indoor spaces. High-end properties now feature spacious terraces, outdoor kitchens, Heated swimming poolchilly waterfalls and beautifully landscaped gardens.

Designed for relaxation and entertaining, these spaces provide a seamless transition between indoor and outdoor living. This trend highlights the importance of creating multi-functional environments to provide a luxurious living experience inside and outside the home.

3. Non-urban luxury goods market

There is one significant transformation From urban centers to suburban and rural areas, our elite clients are noticing an increase in this trend. These buyers are looking for privacy, tranquility, and a scenic natural setting. This trend highlights the desire for spaces that offer luxury while being far removed from the chaos of city life. It’s about finding balance and tranquility in more remote, picturesque locations.

4. Customized and personalized home

The trend is personalize Customization in luxury homes mirrors that offered by high-end fashion companies. Our customers require a wide range of customization options, from layout and materials to adaptable designs that suit their lifestyle needs.

This shift toward customized living spaces highlights the desire for homes that reflect personal tastes and practical needs. Whether it’s a custom wine cellar, home theater or personalized art studio, these unique touches ensure every home is as unique as its owner.

5. Health-focused facilities

health and wellness It has become the center stage of luxury living. Our clients are increasingly seeking properties with wellness facilities that rival high-end gyms and spas. From private fitness spaces and spa-like amenities to saltwater swimming pools and private electronic fitness pods, the focus is on providing residents with a unique, wellness-oriented environment at home. This trend reflects a broader desire for overall well-being, where luxury is defined not just by affluence; Ability to Support Healtha balanced lifestyle.

6. Balance privacy and community life

Today’s luxury buyers are looking for Balance between privacy and sense of community. The modern developments we are designing are designed to offer unique, secure living, with amenities that foster a sense of community, such as shared gardens, rooftop lounges and common areas for socializing. This trend taps into the twin desires for seclusion and social connection, allowing residents to retreat to their own private sanctuaries while still enjoying the benefits of a vibrant, interconnected community.

The luxury real estate market of 2024 will be characterized by a blend of cutting-edge technology, personalized living spaces and wellness-focused amenities. As we continue to adapt to new trends and buyer preferences, these elements will define what luxury living means. For real estate professionals, staying ahead of the curve is critical to meeting the changing needs of high net worth individuals and maintaining a competitive edge in the market.