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 What’s more, over half of luxury homebuyers would likely not make an offer on a home with an outdated kitchen.
Sign up for Kiplinger’s Free E-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
To continue reading this article
please register for free
This is different from signing in to your print subscription
Why am I seeing this? Find out more here
For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.
-
How to Donate Your Life Insurance Policy to Charity
Donating an unneeded life insurance policy to charity can extend your charitable legacy. To maximize that gift, consider methods that may reduce your tax burden.
By Caleb Lund, CAP® Published
-
How to Be Strategic With Your Retirement Withdrawals
To make your savings last, you need to know how to draw from the right investment … at the right moment.
By Adam Tau Published
-
Which Airlines Have the Most Legroom — and Which Have the Least?
By Donna LeValley Published
-
10 Things You Should Know About Reverse Mortgages
A look at what to know about reverse mortgages, and why caution around them is warranted.
By David Rodeck Published
-
Tips for Financing a Home Project
Expert advice on financing a home improvement project.
By Mario Hernandez Published
-
5 Models That Show Hybrid Cars Might Be Right For You
A Kiplinger guide to hybrid cars with five models that could be right for you.
By David Muhlbaum Published
-
5 FAQs About Student Loans, Answered
How new government policies might benefit federal student loan holders.
By Sarah Brady Published
-
United Airlines Card Launches $1,012 Limited-Time Offer
Get up to 90,000 bonus United Airlines miles (worth about $1,012) and lounge access when you sign up for a Chase credit card.
By Ellen Kennedy Published
-
What is Private Mortgage Insurance and How Does It Impact Buying a Home?
An explanation of private mortgage insurance, which has become more relevant with rising home prices and higher mortgage rates.
By Ella Vincent Published
-
Best Summer Travel Deals 2024
Want to find the best summer travel deals? Here's a bucket list of deals and discounts on flights, hotels and car rentals from Delta, United, Hyatt, Marriott, Avis, National and more.
By Kathryn Pomroy Published