July 2024 Real Estate Market Update

July 2024 Real Estate Market Update

  • Candice Rich
  • 07/22/24

Hi Everyone!

We are in the full swing of summer yet it seems like it's almost over!

The 4th of July is usually our slow month for Real Estate as families go on their summer trips before school starts; however, we are seeing more than normal activity in the market this July!

 

I hope you're all enjoying the beautiful weather and the exciting activities it brings to our communities.

 

In this newsletter, you'll find the latest updates, exciting news, and valuable market reports from Candice Rich Luxury Homes.

 

Have a fantastic rest of July!

 

HOUSING: WHAT'S AHEAD FOR THE

2ND HALF OF 2024

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

 

Read The Article Here

JULY 2024 LUXURY MARKET REPORTS

Reports Provided by Institute for Luxury Home Marketing

 

Luxury Market Report For Oakland County

 

Luxury Market Report For Wayne County

 

Quiet Luxury is Making Noise

Today’s affluent homebuyers are embracing the trend of “quiet luxury,” characterized by understated elegance and a ‘less is more’ mindset. In interior design, quiet luxury is often associated with natural high-quality materials such as rich wood, marble and stone; neutral and muted tones; and classic investment pieces that have timeless appeal.

Ostentation is out, and some luxury buyers are no longer prioritizing sprawling estates.

 

Record Demand for Luxury Items

Christie’s International Real Estate’s exclusive partnership with Christie’s gives us a glimpse into all things luxury, and Christie’s reports that while the art market saw a contraction in 2023, demand for jewelry, watches, handbags and wine showed no signs of slowing. The auction house predicts this thirst for luxury items will continue in 2024. In particular, colored diamonds and stones, unusual materials and sizes, limited and runway editions and other extreme rarities will be sought-after.

 

Gen Z is Ahead of the Curve

The oldest of Gen Z consumers, born between 1996 and 2012, are entering luxury real estate markets around the world.

 

In their choice of homes, Gen Z luxury buyers are prioritizing eco-friendly living, high-tech features, and homes that require little to no maintenance. To satisfy their desire to travel, they are also more interested in purchasing several smaller homes in multiple locations instead of one large estate.

 

University Towns: The Next Luxury Frontier

From Ann Arbor, Michigan to Athens, Georgia, university towns across the country have witnessed a boom in luxury home sales within recent years, as affluent buyers are seeking big-city amenities in small-town settings.

 

Healthcare, tech and the university economy fuel high-paying jobs that attract everyone from Millennials to those nearing retirement. Even buyers with no prior connection to the university are attracted to college towns due to lifestyle factors and a lower cost of living.

In Ann Arbor, average home values have increased 47% since 2018. And in both Ann Arbor transactions for homes at $1 million or more have tripled over the past few years.

 

High Demand, Low Supply Continues

Demand for luxury homes and estates was resilient in 2023, despite spiking interest rates and worries about inflation. While rates have stabilized and inflation is slowing, the supply/demand dynamic is expected to continue for the remainder of 2024 into early 2025.

FEATURED HOMES FOR SALE

1694 HOLLAND ST BIRMINGHAM, MI 48009

 

Walk up the beautiful stamped concrete drive and stone covered porch surrounded by beautiful landscaping and step inside..

 

 

CLICK HERE FOR FULL LISTING DETAILS

737 HORTON ST NORTHVILLE, MI 48167

 

New Construction Home located in Downtown Northville. At Cranbrook Custom Homes, the mission is to pair the highest architectural artistry with the finest craftsmanship to build truly breathtaking homes that reflect our clients' unique tastes and personalities..

 

 

CLICK HERE FOR FULL LISTING DETAILS

4790 DOW RIDGE RD

ORCHARD LAKE VILLAGE, MI 48324

 

A masterpiece, designed by renowned architect Lou DesRosiers, seamlessly blending a contemporary design with magnificent finishes & timeless elegance. Quality craftsmanship. Perched above the shoreline on a 2.15-acre parcel with 163' of frontage on all-sports Cass Lake on exclusive Dow Ridge...

 

CLICK HERE FOR FULL LISTING DETAILS

826 96th AVE N

NAPLES, FL 34108

 

A fantastic opportunity to own a beautifully renovated, turnkey single-family residence within walking distance of the beach! This immaculate 3-bedroom, 2-bathroom home boasts 1,602 square feet of living space, with stylish new furnishings, appliances, and decorations throughout.

 

CLICK HERE FOR FULL LISTING DETAIL

HELP ME WIN ROAD TO ROLEX

 

And I need your support to make THIS HAPPEN!

 

I am on a mission this year, to win the prestigious Christie's Elite Road To Rolex Contest!!

 

Your referrals and business are crucial in helping me achieve this milestone. If you know anyone looking to buy or sell a home, please send them my way.

 

Every referral brings me one step closer to winning this incredible honor.

 

Thank you for your continued support and trust in me!

Candice Rich, CNE®, CLHMS®

Global Luxury & Relocation Advisor

 

O: 248.724.6124

C: 313.218.5300

[email protected]

Candicerich.com

 

With 8 offices across the State of Michigan now, as well as a robust International network of highly vetted referral partners, remember I can assist you wherever your real estate needs may take you. 

 

Contact Me First!

 

 

Candice Rich, CNE®, CLHMS®

Global Luxury & Relocation Advisor

 

O: 248.724.6124

C: 313.218.5300

[email protected]

Candicerich.com

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EXPERIENCE LUXURY SERVICE WITHOUT COMPROMISE Candice is a Top Producing Realtor, a skilled negotiator, and a former private practice Accountant. Her dedication to helping her clients achieve all their real estate needs is proven in her results.