Updated: Jun 8, 2022
Dear Shanon, What is the market like for “luxury” homes?
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 up on those upgrades such 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:
1. Unobstructed views: Views of sunsets, territorial, not seeing directly into a neighboring yard.
2. Generous bedroom count: 3 bedrooms + office or 4 bedrooms is ideal.
3. Less is more: Today’s buyer is a minimalist and the less visual noise the better.
4. Latest technologies: Smartphone controls for temperatures, lights, alarms, etc.
5. 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 it 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 upwards of $200+/price per square foot.
Talk with your REALTOR and start the conversation to find out ways you can add value to your home!
Jackson County Residential Statistics average sold prices:
1. NW Medford: $229,950
2. East Medford: $289,500
3. SW Medford: $255,000
4. West Medford: $195,000
5. Jackson County and prices are up approximately 10.2% over last year.
*Data based on SOMLS residential statistics on existing home sales.
Real Estate Broker, Licensed in the state of Oregon
Published Medford Sneak Preview Magazine - November 2018
Shanon holds an MBA in International Business, loves writing in her “At Home with Shanon” column that has been delivered to 47,000+ homes in Medford since 2014, has appeared on the Real Estate Radio Show, and was also featured on A&E TV network’s Real Estate Reality TV show.