The seller’s market is currently red hot and it’s showing no signs of slowing down—this is equally true for the luxury real estate market in 2022. Since the luxury real estate market caters to a smaller buyer’s pool, the chances of getting the second home of your dreams are higher.

If you are a newcomer to the luxury real estate market (or if the home buying process is confusing for you), you may be wondering how to break into the market. Luckily, we’re here to help. In this guide, we’ll go through the most common luxury real estate market trends in 2022 and how to break into them.

But what even is a luxury home, exactly? Well, it depends. Luxury homes in Lincoln, Nebraska are different shapes and sizes than homes in New York City or Miami. Luxury is in the eye of the beholder, but the market remains the same no matter where you decide to plant your roots.

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Luxury Homes Are Going Fast

The entire housing market has seen unprecedented growth in the last few years, and the luxury market is no different. It’s currently a hot seller’s market and homes are selling in less than one-third of the time that they were a year prior.

Luxury Property Sizes Vary

If you’re dipping your toes into the luxury market, you’re probably wondering how much a million dollars will take you? The answers are different across the board. In Miami, a million dollars will net you 915 square feet of luxury property. Los Angeles, meanwhile, will get you around 474 square feet. New York City is a different story. In the Big Apple, you’ll only get around 366 square feet of luxury property for $1 Million.

Luxury home buyers aren’t moving to other states just because of tax advantages and local politics. They’re also moving to take advantage of square footage—both inside and outside.

Desired Amenities Are Changing

Speaking of outdoor features, the needs surrounding amenities are changing. Just a few years ago, the popularity and desirability of pools, private spas, and luscious landscapes felt like too much work for many buyers. However, since the onset of the COVID-19 pandemic, luxury home buyers who work from home are wanting staycation getaways in their own backyards.

Because of this, pools have seen a massive resurgence in popularity in the luxury home market. Large yards with intricate landscaping are making a comeback, too. Why pay for a vacation when you can have one in your own backyard?

Now that you have an idea of the current state of the luxury home market, you can go out and purchase a home with confidence. Keep these trends in mind as you curate your home search. Whether you are looking for your first luxury home, a second home, or a vacation getaway, the luxury real estate market is primed and ready for you in 2022.