We’ve never lived through a year like 2021 – an astonishing statement, considering we were all expressing a similar sentiment around this time last year.
The luxury real estate buying boom that began in 2020 escalated in 2021. Insatiable demand depleted inventory across the U.S. and put upward pressure on prices. Driving the real estate surge was a combination of factors: 1) shifting consumer values caused by the Covid-19 pandemic, 2) historic wealth growth due to cryptocurrency gains, soaring stock markets, rising house prices and increased savings and 3) the idea of home became paramount. As people searched for safe places to put their wealth and re-envisioned ‘home’ as multi-functional spaces for work, play and sanctuary, they sought out bigger and better living environments. Many luxury real estate professionals will look back on 2021 and be able to say that it was their best year yet.