Few individuals are better positioned to offer insight into the latest luxury real estate trends than Roger Pettingell. Florida-based Pettingell is Sarasota’s top luxury real estate agent. It’s an accolade now held by the luxury property specialist for twelve consecutive years. That comes as he successfully closed over $200 million in individual transactions in and around Sarasota during 2021.
With over 30 years of experience and more than $2.6 billion in lifetime luxury property sales, Pettingell is also one of the top realty agents in the country. With that, the Florida property expert takes a closer look at the current luxury real estate landscape as he rounds up the latest trends from the market in 2022.
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Rising price thresholds
Roger Pettingell’s first highlighted trend involves rising price thresholds. According to the expert, luxury home prices increased faster in 2021 than during any other one-year period. Nationwide, median sold prices among luxury properties rose by over 20 percent in some instances.
The big question now, Pettingell reports, is whether these new luxury price thresholds will come to represent normality. It’s something that Sarasota’s number-one luxury real estate agent believes hinges primarily on supply and demand equilibrium.
Supply and demand equilibrium
On this note, Roger Pettingell moves on to his second big trend in today’s luxury real estate market – supply and demand equilibrium. Across the board, luxury property specialists, including Pettingell, continue to report a lack of inventory, according to the latest figures.
It’s a trend that’s posing a significant challenge in 2022. And, just like rising price thresholds, it remains to be seen whether it’s a trend set to continue. According to Pettingell, that’s likely to rest on whether the current, unprecedented imbalance in the market begins to plateau moving forward.
Sustainability shifts
Another major luxury real estate trend in 2022 involves what Roger Pettingell calls a sustainability shift. That’s as more and more luxury homes continue to “go green” amid today’s construction industry’s ever-growing commitment to a proposed zero-carbon future.
Environmental and sustainability considerations were, Pettingell says, already important purchase criteria for many wealthy homebuyers. However, it’s a movement that continues to gain traction with each passing year, particularly within luxury real estate.
Luxury property expert Roger Pettingell’s conclusion
From supply and demand equilibrium to rising price thresholds and sustainability shifts, Roger Pettingell believes there’s one common factor between each of his highlighted luxury real estate trends. That factor, the expert says, is that time will, ultimately, be the greatest test.
Asked what other trends are likely to come to light in the near future, Pettingell has a trio of suggestions. These, the expert says, are the continued return of international buyers, multi-home ownership with rising real estate footprints, and what he terms a new map for luxury.
As such, Pettingell says that he predicts a paradigm shift surrounding major geographical moves. Particularly in states without income taxes, including Florida, it’s a growing trend driven primarily by combined financial and lifestyle motivations among chiefly affluent buyers.
For more from Sarasota’s number-one luxury real estate agent, connect with Roger Pettingell on LinkedIn.
