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November 2023 Luxury Market Report

Tuesday, December 5, 2023   /   by Annie Junker

November 2023 Luxury Market Report

November 2023 Luxury Market Report

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The latest news from The Chris Small Group...
Click the photo above to read the report!

November 2023 Luxury Market Report

  • The report is a guide to the luxury real estate market in North America. It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States.
     
  • This month’s report displays the market statistics for North America month over month as well as the 13-month trend.
     
  • While there is little doubt that the current luxury market is facing challenges, we investigate the slight shift in some of the market’s variables that could be the key to market growth in the future.
     
  • We examine why for the last year the expectations and reactions of buyers and sellers have become entrenched in one of near stalemate.
     
  • Is the biggest contributor of market imbalance ie. lack of inventory, especially new inventory, about to addressed, as numbers in both of these segments increased relative to sales and compared to October 2022.
     
  • For the first time in 2023, monthly sales outnumbered the previous year’s sales in both single-family and attached markets – was this because of increased inventory?
     
  • Additionally, buyers saw fixed mortgage rates fall slightly, sparking an increase in applications as well as speculation that rates may come down during 2024.
     
  • We investigate the significance of these changes, and if they signify the start of a new trend.
     
  • However, while we are optimistic, we also remain cautionary, recognizing that there are unlikely to be any dramatic repercussions, other than the start of moving away from a year of hesitation and resistance.
     
  • As always it is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities within your local market, as they may differ from the viewpoint at the national level.
     
  • For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a REALTOR® who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction, and knows how to leverage technology to provide maximum exposure and assistance.  
 

If you have any questions about the luxury market in Richmond, or if you have any general real estate questions, let's  set up a time to chat! 

804-350-0879 | chris@smallre.net | chrissmallgroup.com

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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!

ACTIVE!  
13213 Edmonton Drive
Tarrington | Chesterfield
LEARN MORE
UNDER CONTRACT!  
2112 Hanover Avenue
Fan District
LEARN MORE
ACTIVE!  
2412 Kensington Avenue
Fan District
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UNDER CONTRACT!  
10800 Millington Lane
Royal Oaks | Henrico
LEARN MORE
ACTIVE!  
6 South Arthur Ashe Boulevard

Museum District
LEARN MORE
UNDER CONTRACT!  
26 East Square Lane

Randolph Square
LEARN MORE
Want to find out the value of your home? 
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Additional resources
 
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
 
To learn more, click the links below:
 
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Sarah Merriman, a client of Chris Small. Thank you for your kind words Sarah! It's always been an honor to help you with your Real Estate goals.
Client Testimonial from Sarah Merriman
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | chris@smallre.net
chris.findahomerichmond.com
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Small & Associates Real Estate, Inc.
3103 Ellwood Ave.
Richmond, VA 23221
804-353-1250

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