The luxury residential market, in the Triangle, is broad. Homes in the luxury sector start at $500k and can go up as high as $10M. Without question, there is a dramatic difference in architectural design, materials, and quality of land between luxury properties priced at the entry level compared to those priced at the upper echelon. However, the luxury entry point is certainly leading the charge in sales.
The economy has much to do with this. Of course, there are more buyers in the market who can afford a home between $500k-$700k versus a $2M-$5M home. However, the US economy simply isn't producing enough high net worth individuals to purchase prime real estate.
But there are plenty of Millennials and move down buyers taking advantage of the inventory at entry point levels. New construction seems to be where the market is taking advantage of buying opportunity.
The upper sector of the luxury market is still seeing sporadic activity but the entry level is certainly seeing growth.
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