Luxury Makes a Comeback in Housing

As a result of the recession, the housing market notably saw a decrease in buyers who were interested in large and expensive homes. They opted instead for smaller, more affordable homes. But, starting in July of last year, buyers began searching for luxury home features once again. Affluent buyers made a return to the market and sales of homes costing more than $1 million increased 46.6 percent from July of 2012.

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“The housing market is being driven by the move-up buyer, the luxury buyer,” Brad Hunter, chief economist and director of consulting at Metrostudy, told The New York Times. “And those who have strong incomes, secure jobs, their stock portfolio is doing well — they are able to buy whatever they want. And what they are buying is larger houses.”

According to the National Association of Home Builders, the median size of new homes built for sale in 2007 peaked at 2,295 square feet. The square feet average dropped in 2009 and then, in 2012, increased to a new high of 2,384 square feet. And, it’s important to note that about 41 percent of new homes had four or more bedrooms, which is up from 34 percent in 2009.

These luxury buyers seek large kitchens and spacious master suites, as well as established suburban communities, like we have in Geist and Fishers. Buyers look for good job centers and excellent school systems.

As your Realtor, I can help you find the right home for you. The photo shown above is one of my listings which fits the bill for the luxury buyer. It sits beautifully on an eight-acre wooded lot overlooking Geist Reservoir and features a gourmet custom kitchen, main floor master suite and an entire list of amenities. Click here to see more pictures or contact me to schedule a showing!

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