A luxury home is defined as a home that is double the area’s median value. The median value for Jackson county right now is about $265,000 so any home at $530,000+ is considered a “luxury” home in our market. This segment of the population is growing at a faster pace than one might think with the average days on market for a home priced between $500-$750K in NW, SW, West and East Medford is 72 days when compared to the average days on market for the median priced home of 45 days.
Also if you’re in this price range Buyers have higher expectations so be sure to keep keeping up on those upgrades as granite, tile, storage space and more are the minimum. According to Money magazine, in addition to of course “location-location-location,” the top five things Buyers are looking for in luxury homes are:
- Unobstructed views: Views of sunsets, territorial, not seeing directly into neighboring yard.
- Generous bedroom count: 3 bedrooms + office or 4 bedrooms is ideal.
- Less is more: Today’s buyer is a minimalist and the less visual noise the better.
- Latest technologies: Smartphone controls for temperatures, lights, alarms, etc.
- Bringing the Outdoors IN: AKA “California room” where one dresses up the deck and/or patio spaces to make mini-living and entertaining rooms to create more use-able and enjoyable outdoor living space.
As an Accredited Luxury Home Specialist, other requests I receive from Buyers are mother in-law/ADU (Additional Dwelling Units), areas for gardening, single level, storage options and never hurts to have a wine fridge or two, jets in the tub(s), and whatever quirky options you can add to make your home extra special. Toll Brothers have built some of the world’s most luxurious homes ranging from 4,500 square feet to 6,700 square feet. But size doesn’t always matter, as some of the most wonderful homes with character, location, charm and unbelievable features can also command the upwards $200+/price per square foot.
If you are looking to expand your wealth and portfolio, a HNWI (High Net Worth Individual) has about $1 million in liquid financial assets,Investors with less than $1 million and bit more than $100k is considered to be “affluent” and $30M in wealth classifies one as ULTRA HNWI. Nationally there are 4.45 million HNWIs in the United states representing 1.3% of the population with 61.2% of the wealth spread between the US, Japan, Germany and China. The top five U.S. cities for HNWIs are Los Angeles, Chicago, Washington DC, and San Francisco. Start having conversations with your Financial Planner on how you can improve your portfolio and work towards building and managing your short and long term wealth!
Jackson County Residential Statistics average sold prices:
- NW Medford: $229,950
- East Medford: $289,500
- SW Medford: $255,000
- West Medford: $195,000
- Jackson County and prices are up approximately 10.2% over last year.
*Data based on SOMLS residential statistics on existing homes sales.