2021 Expectations For The Luxury Real Estate Market

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The real estate market in the U.S. and around the world had an active and unique year in 2020, seeing many high net worth individuals and families moving from high-density urban and cosmopolitan areas to the suburbs and warmer climate areas. Here, members of the Haute Residence network in Georgia, Illinois, North Carolina, and Tennessee share their insights on what they expect for their markets in 2021.

"While 2020 was an incredible year in real estate even with a pandemic, I believe that 2021 will shatter all records for the simple fact that people’s lives and lifestyles have dramatically changed resulting in a whole new definition of what home means to a consumer." - Debra Johnston, Atlanta, GA.

"No plans for a slowdown. America is on pace to exceed 2019 sales by over 6%.  With the increased demand for space, partly due to the year of covid, we continue to expect pent-up demand to influence sales in 2021. Our clients have been inclined to increase their real estate portfolios in the 2nd, 3rd, and destination markets. Savvy investors are also looking closely at large affected metros such as Chicago and New York for future rebound and appreciation." - Kristine Farra, Chicago, IL.

"Demand for Asheville real estate will continue to be strong in 2021. With teleworking now occurring at record high levels, Asheville will draw people who seek: a high quality of life (nature abounds), & affordability (compared to other luxury markets). Over the course of time, upon asking buyers why they chose Asheville, the most common response has been “environmental escapees” - people wishing to avoid hurricanes, flash fires, harsh winters & hot summers. Asheville's weather offers 4 mild (and scenically beautiful) seasons." - Laura Livaudais, Asheville/Western North Carolina.

2021 expectations real estate 4

1207 Round Grove Court, Brentwood, Tennessee 37027 - Listed by Lisa Culp Taylor

Photo Credit: Reed Brown Photography

"After experiencing an incredibly strong third and fourth quarter real estate sales in 2020, I’m predicting an early spring 2021 market for Tennessee.  There are many things we can’t predict for the next year, however, the desire to live in an area with a great quality of life, change of seasons, no income tax and a vibrant and diverse jobs market is driving my prediction of an early spring market.  Instead of April and May launching this season, you’ll see homeowners, new and existing, begin the shift in the first quarter which is why we are helping our clients prep their home for sale now." Lisa Culp Taylor, Tennessee.

Read more expectations for 2021 from members of Haute Residence, including the areas of the CaribbeanSouth Florida, the west coast of FloridaSouthern California and Northern California, the New York tri-state area, the Pacific Northwest, Texas, and Canada.

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