Smart Technology, Customization, and Waterfront are Driving Midwest Luxury Housing Market

Minneapolis, Oct. 19, 2017 -- Today RE/MAX INTEGRA, Midwest released its 2017 Luxury Report providing insight into the latest trends in the luxury housing market across Indiana, Minnesota and Wisconsin.

“Surprisingly size is not as important to luxury homebuyers. Our real estate experts are seeing an increase in demand for smaller, greener and smarter homes,” said Fiona Petrie, vice president and regional director for RE/MAX INTEGRA, Midwest. “In addition, luxury buyers still want waterfront homes, but they want spaces that allow for the outdoors and indoors to blend together seamlessly.”

According to the report, which identifies statewide trends collected through multiple sources, including interviews with RE/MAX brokers and agents in each of the three Midwest states, luxury buyers in 2017 are increasingly demanding the following:

• Luxury buyers expect smart technology in their new homes. This follows a national trend that is spilling over into the residential home market, where 42 percent of REALTORS® said clients were interested in smart home devices and 22 percent were interested in whole home technology, according to the Smart Homes & REALTORS® report by the National Association of REALTORS® (NAR).
• Drawn to the customization potential of new homes, buyers are choosing to build and opting for less square footage.
• Demand for waterfront homes remains a top priority for luxury buyers. NAR’s Profile of Buyers’ Home Feature Preferences found that the feature that had the highest dollar value buyers were willing to pay more for was a waterfront property. Other features in high demand that come with a luxury waterfront property include:
  • A seamless transition from indoor to outdoor entertaining spaces. Some designs include large collapsible windows or floor to ceiling sliding glass doors.
  • Large lots are important to luxury buyers to protect privacy while outdoors.

Highlights from the 2017 Luxury Report also include housing statistics from RE/MAX for homes, which closed at or above $500,000.

• Indiana  
  • Average sales price: $711,103
  • Average time on market: 116 days
  • Most expensive home sold in 2017: $1.5 million - Carmel, Indiana*

• Minnesota
  • Average sales price: $747,100
  • Average time on market: 73 days
  • Most expensive home sold in 2017: $1.975 million – Edina, Minnesota*

• Wisconsin
  • Average sales price: $732,233
  • Average time on market: 113 days
  • Most expensive home sold in 2017: $1.75 million – River Falls, Wisconsin*

*Data for the most expensive home only includes RE/MAX INTEGRA, Midwest listings.  

Click here to view the full 2017 Luxury Report.

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e3994fbb-9799-4cfb-acbd-14c6a1df8063

Keri Henke
RE/MAX INTEGRA, Midwest
1-888-542-2499
[email protected]

Rachel Sorvig, APR
Bose Public Affairs Group
317.684.5299
[email protected]