Luxury Homes: High-End Amenities Rich Buyers Are Snagging
Luxury homes offer eye-catching amenities and high-end décor. Double vanities, kitchen islands and heated floors are among the most sought-after details by the richest homebuyers.
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 What’s more, over half of luxury homebuyers would likely not make an offer on a home with an outdated kitchen.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
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
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
-
I'm 73 and dread winter, but I can't afford to be a snowbird.How can a snowbird wannabe warm up without the expense? We asked professional wealth planners for advice.
-
5 Smart Things to Do With Your Year-End BonusAfter you indulge your urge to splurge on a treat, consider doing adult things with the extra cash, like paying down debt, but also setting up a "fun fund."
-
Gen X Investors: Protect Your Portfolio From an AI BubbleAmid talk of an AI bubble, what's the best course of action for investors in their 50s and 60s, whose retirement savings are at risk from major market declines?
-
I'm 73, Retired, and Dreading Winter, But I Can't Afford to Be a Snowbird. Help!
How can a snowbird wannabe warm up without the expense? We asked professional wealth planners for advice.
-
5 Smart Things to Do With Your Year-End Bonus, From a Financial Professional
After you indulge your urge to splurge on a treat, consider doing adult things with the extra cash, like paying down debt, but also setting up a "fun fund."
-
Hey, Retirees: Put Your Charitable Gifts in a Donor-Advised Fund (and Enjoy Your Tax Break)A donor-advised fund is a simple (really!), tax-smart strategy that lets you contribute a large, tax-deductible gift now and then distribute grants over time.
-
23 Last-Minute Gifts That Still Arrive Before ChristmasScrambling to cross those last few names off your list? Here are 23 last-minute gifts that you can still get in time for Christmas.
-
4 Great Tools to DIY Your Own Financial PlanSmart Savings Several tools picked out by Kiplinger that DIYers can use to make their own financial plan.
-
The 7-Month Deadline That Determines Your Lifetime Medicare PremiumsUnderstanding Medicare enrollment is crucial, as missing deadlines can lead to permanent late enrollment penalties and gaps in coverage.
-
Should You Renew Your CD?With rate cuts impacting earnings, we examine if now is a wise time to renew CDs.
-
Where to Store Your Cash in 2026Set yourself up for success with these strategies.
