Well, in the south central states like Texas anyway. It's a very interesting survey done by Realtor.com and seems to be trending up. The national average is 13%. So what determines "luxury homes" in this survey. Take a look at the price points state to state.
o Northeast (ME, VT, NH, NY, NJ, MA, CT, RI, MD, DE, PA) $1 million +
o Pacific (CA, OR, WA, AK, HI) $1 million +
o Mountain (MT, ID, WY, CO, UT, NV, AZ, NM) $1 million +
o South Central (AL, MS, TN, AR, LA, TX, OK) $500,000 +
o North Central (KY, OH, IN, IL, MI, WI, MN, IA, NE, KS, ND, SD) $500,000 +
o South Atlantic (VA, WV, NC, SC, GA, FL) $500,000 +
And what's more...12% of this group of buyers are "first-time homebuyers". Sounds like many more consumers are patiently renting while starting their career and then take the plunge to purchase what they really desire! Another group that make up the high-end market, are those that have had recent career success and want to move up.
"Remember, Luxury Real Estate doesn't have to mean price-point...it's a lifestyle".