The luxury housing market was thriving at the end of 2023. Even with limited inventory and fluctuating interest rates, deep-pocketed buyers remain resolute about what they want (and don't want) in 2024. Amenities once considered ostentatious have become common, which has forced sellers and builders to take luxury to the next level.
Roughly 86% of luxury homebuyers rank double vanities as a must-have when searching for a home, according to a new survey of real estate agents from real estate brokerage Redfin.
Next in line are kitchen islands and granite or quartz countertops, with 85% of luxury buyers requesting both, followed by 83% requiring walk-in pantries. What’s more, over half of luxury homebuyers would likely not make an offer on a home with an outdated kitchen.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Among the agents surveyed, other “very common” items most high-end buyers deemed essential included heated floors (17%), an integrated sound system (14%), a prep kitchen (13%) and a coffee station (12%).
“Luxury buyers are looking to fall in love with their future home, and they often make emotional decisions because they have the financial means to do so,” said Andrew Rottner, a Redfin Premier Agent in Denver.
Luxury buyers want open floor plans and more
Open-concept floor plans were desirable to luxury buyers, according to more than 80% of the agents surveyed. Granite countertops were also ranked as “very desirable” over past trends such as sliding barn doors and shiplap, the agents said, with just 8% ranking these features as “very desirable” for buyers.
| Desirable home trends for buyers | Share of agents who said "very desirable" |
| Linoleum floors | 1% |
| Tile countertops | 2% |
| Wallpaper | 4% |
| Dog wash station | 5% |
| Bright-colored accent walls | 6% |
| Sliding barn doors | 8% |
| Shiplap | 8% |
| Wet bar or beverage center | 22% |
| Granite countertops | 51% |
| Open concept floor plans | 83% |
Coldwell Banker's most recent Global Luxury Report showed that luxury homebuyers want multifunctional homes that cram as many configurations as possible into their footprints, primarily because of how and where we now live, work and play, often under one roof.
High-end buyers are less interested in remodeling an older property to fit their needs and more likely to move into a modern space where even the furniture is picked out for them. Roughly 70% of agents surveyed noted a rise in the popularity of newly constructed homes, with luxury homebuyers showing “very little tolerance for outdated designs and features, even in situations where the construction is relatively new.”
Luxury buyers turned off by outdated kitchens
Over half (54%) of homebuyers are unlikely to make an offer on a luxury home if its kitchen is outdated, according to the Redfin agent survey. But when you consider that a kitchen update can cost between $78,000 and $154,000, depending on where you live, (according to Remodeling Magazine's Cost vs. Value Report for 2023), sellers may be unwilling or unable to satisfy luxury homebuyers with everything they want, yet still make the sale.
Lack of curb appeal (48%), obsolete bathrooms (44%), and popcorn ceilings (40%) are the next undesirables. In the Redfin survey, agents were also asked when a buyer would decide not to make an offer on a home based on specific features.
| How common is it that a buyer decides not to make an offer | Share of agents who said “very common" |
| Poorly placed laundry room | 18% |
| Old appliances | 31% |
| Overly textured walls | 31% |
| Obscure paint colors | 33% |
| Outdated carpet | 38% |
| Popcorn ceiling | 40% |
| Outdated bathroom | 44% |
| Lack of curb appeal | 48% |
| Outdated kitchen | 54% |
Most sought-after outdoor feature
Nearly 70% of luxury homebuyers say landscaping is a must-have outdoor feature, and 58% say indoor/outdoor living spaces are highly desirable. A covered patio (46%) and a pool (33%) also rank high as prerequisites.
To learn about housing market trends and download data, visit the Redfin Data Center.
Related Content
-
Is Mint Mobile's Home Internet a Game-Changer or Just Another Option?Mint Mobile recently unveiled its new home internet service. We break down how it works so you can determine if it's a great value for your needs.
-
How to Add Your Driver’s License or State ID to Google WalletStore and use your digital ID securely on your Android device for TSA, age verification and more.
-
Is Mint Mobile's Home Internet a Game-Changer or Just Another Option?
Mint Mobile recently unveiled its new home internet service. We break down how it works so you can determine if it's a great value for your needs.
-
How to Add Your Driver’s License or State ID to Google Wallet
Store and use your digital ID securely on your Android device for TSA, age verification and more.
-
Where You Choose to Stash $100k Now Comes with a Big Opportunity CostThe Fed recently cut rates. Here's where to maximize your savings while rates remain higher.
-
The Social Security Earnings Test: Know This Rule Before Working in RetirementWhen you work and collect Social Security benefits before your FRA, you are subject to the Retirement Earning Test that could result in a temporary reduction of your benefits.
-
I'm a Government Employee and Need to Get By Until the Shutdown Ends. What Can I Do?The second-longest shutdown in history is leaving many federal workers with bills due and no paycheck to cover them. Here's what you can do to get by.
-
Selling a Haunted House? What You Have to Tell Buyers (and What You Don’t)You don’t need ghosts to spook buyers, sometimes a home’s past is enough. Here’s what sellers should know about disclosure laws, pricing and perception when a property has a haunted history.
-
CMS Brings Back Furloughed Staff for Medicare Open Enrollment LifelineThe government has recalled approximately 3,000 workers to assist with Medicare and ACA Marketplace Open Enrollment.
-
This Is Why Judge Judy Says Details Are Important in Contracts: This Contract Had HolesA couple's disastrous experience with reclaimed wood flooring led to safety hazards and a lesson in the critical importance of detailed contracts.
