The Most Exquisite Real Estate Trends of 2023: Are You Up-to-Date?

Real estate is an ever-evolving industry, with new trends emerging every year. From the styles and designs that buyers are trending toward to the unique ways that people are buying homes, there's always something happening in the market. 2023 was a transformative year for real estate, and while it is not yet over, there are a few distinct trends that experts have identified. These most exquisite real estate trends of 2023 carry implications for anyone looking to buy or sell property in the coming months.

Historically, large homes have always signified elegance. For many buyers, the more square footage a home has, the better. These luxury homes often come complete with spacious bonus rooms, like wine cellars, home gyms, and guest rooms, along with outbuildings and other upscale amenities. However, in 2023, some buyers seem to be leaning toward the idea that bigger isn't always better.

According to the National Association of Realtors (NAR), many luxury home buyers are opting for smaller homes, with single-family homes between 2,500 and 3,500 square feet selling nearly 19% faster than larger ones in recent months. There could be multiple reasons for this shift in needs. Some buyers could be looking to leave smaller footprints, while others might be returning to in-office settings rather than working from home.

Many real estate transactions are done with conventional financing, including loans, or in the case of luxury property, jumbo loans. However, there seems to be a return to cash as a home financing method. As reported by NAR, many luxury home buyers have shifted to cash purchases in recent months, in part because of the high interest rates associated with loans. Not only are cash transactions becoming much more common, but they are expected to continue increasing over the next year.

Neutral colors, including soft greys and warm beiges, have long been the hallmarks of a luxury property. These colors signify peace and elegance, making them popular with homeowners of all ages. While those colors will likely always remain popular in the real estate industry, rich, sophisticated colors are steadily gaining traction in 2023.

Jewel tones, including eggplant, deep green, and warm orange, are being embraced by buyers and sellers alike. These colors are vibrant and eye-catching, perfect for a stunning property that has a singular presence. If you're considering incorporating these tones into your home decor, but aren't sure where to start, consider an accent wall, which creates a striking look without total commitment to the color scheme. For maximum impact, pair your jewel tones with mixed metals or wood.

Remote work continues to affect nearly every facet of business in the United States, including the real estate industry. In the wake of COVID-19, many people opted to work remotely, and many of them never went back to the office. Remote work is a common part of the landscape now. People love working remotely due to the convenience and greater work-life balance.

When it comes to real estate, remote work is a prime factor. Buyers who work remotely need space for a home office, or a flex area that can be transformed into a convenient, comfortable work area. If you're looking for property and work from home, speak to your realtor about the importance of a home office space. Conversely, if you're hoping to sell a home in the coming months, look into converting a bedroom or flex space into a home office to appeal to more buyers and possibly sell faster.

From Art Deco to boho chic, many styles and home designs from years past are making a big comeback. One of the most exclusive real estate trends of 2023 is retro styling for homes. This retro styling doesn't mean a complete return to form, and buyers shouldn't be looking for homes to start featuring '70s-style wood paneling anytime soon. Still, incorporating bits and pieces of throwback design decor into your home can be a great way to showcase your personality as well as embrace one of the hottest trends.

Rich colors might be surging in popularity, but neutrals aren't going anywhere. Neutral colors are soothing and easy to style, allowing more buyers to envision themselves in the properties they are considering. From cool-toned greys to warm whites, these are the colors that allow your decor and styling to take center stage. If you feel most comfortable with neutral tones but want to start incorporating color to stay on top of the latest trends, consider using jewel-toned pillows on your beige couch or chaise lounge.

During the COVID-19 pandemic, many buyers rushed to purchase property in remote areas, getting away from the hustle and bustle of the big city. Many also purchased investment properties to use as vacation rentals or getaway spots. However, with the pandemic rush settling, luxury home buyers are turning to properties that offer long-term possibilities, in the areas they really love.

A number of the properties these buyers purchased didn't offer the amenities they wanted or were simply too isolated from the rest of the community. For the rest of 2023 and going into 2024, those invested in the real estate industry can expect to see home buyers moving to buy forever homes, whether those homes are deep in the heart of the country or in the big city.

The most exquisite real estate trends of 2023 offer a tantalizing glimpse into what's next, as well as a look back at how far the industry has come since 2020. With buyers' needs constantly changing and sellers getting exciting new possibilities for home styling and staging, the industry is poised to become more competitive than ever before.

If you're looking to buy or sell property in and around Aspen, Colorado, Jessica Hughes can assist. A top-producing realtor, Jessica has a passion for helping buyers find their perfect home in Aspen. Her experience in navigating the luxury home market and her deep market knowledge make her an invaluable addition to your quest to buy or sell a home. The Aspen market is unique and highly competitive. If you want the inside advantage or to learn more about exclusive real estate trends of 2023, contact Jessica Hughes today!