The inventory of homes for sale increased by 30.5%, and the months supply of inventory increased by 66.7%, indicating a potentially oversaturated market for Residential Detached properties.
General market conditions
Demographic changes are another factor that could influence the luxury real estate market in 2023. As the population ages, there may be an increasing demand for properties that cater to the needs of older buyers, such as those with accessibility features or maintenance-free living options. On the other hand, younger buyers may be attracted to properties with modern amenities and technology, as well as those that offer opportunities for outdoor recreation and wellness.