The Ocean City luxury market continues to thrive. But the face of luxury is changing. Potential homeowners are increasingly concerned with amenities and value adding benefits over the bottom dollar. Instead of giant properties, clients search for the experience of their new home.
The millennials are entering the housing market in droves, soon to overtake the baby boomers. Due to the increased focus on eco friendly products and the shift toward value over size, the luxury market is favorably focused on smaller properties with bigger bonuses. Some of the most preferred amenities are resort style living, private and semi-private pools, ocean views, beach access and spas.
In addition to eco-friendly products, the luxury market is shifting toward “wellness” real estate. Millennials and retirees alike are acknowledging the benefits of wellness living and seeking these in their luxury real estate. This changing face of real estate fully recognizes the importance of including amenities that address the physical, social and mental/spiritual needs of its clients.
Living or vacationing in Ocean City offers the best of waterfront living. Water views, salt air and open spaces improves your wellbeing. Soothing sounds relax your mind and fresh air increases relaxation. Learn more about the benefits of waterfront living here.
In this month’s luxury review, we delve deeper into the changing face of luxury. We conclude that the wealthy are also looking at investing in wellness and living in eco-friendly environments as well as diversity in their homeownership portfolio – purchasing numerous residences in various locations. In addition, we explore why the affluent are driving this new trend and its importance in the real estate market.
Worcester County Luxury Market Report Summary
Single-Family Luxury Market
- The Worcester County single-family luxury market is a Buyer’s Market with a 4% Sales Ratio.
- Homes sold for a median of 97.57% of list price in August 2019.
- The most active price bands are $700,000-$749,999 and $1,350,000-$1,449,999, where the sales ratio is 25%.
- The median luxury sales price for single-family homes has decreased to $925,000.
- The median days on market for August 2019 was 172 days, up from 42 in July 2019.
Attached Home Luxury Market
- The Worcester County attached luxury market is a Buyer’s Market with a 13% Sales Ratio.
- Homes sold for a median of 97.61% of list price in August 2019.
- The most active price bands are $700,000-$749,999 and $950,000-$1,024,999, where the sales ratio is 50%.
- The median luxury sales price for attached homes has decreased to $588,500.
- The median days on market for August 2019 was 136 days, up from 104 in July 2019.
The full report can be found below. For more information about the September 2019 Luxury Market report and the services I can offer you and your luxury property, please give me a call at 410.430.1575 or email me at mnichols@LuxuryShoreLiving.com.
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