In the first quarter of 2025, the average price of landed homes surged past the $2,000 per square foot mark for the first time, reaching $2,008 psf. This milestone reflects a significant moment in the residential property market, illustrating the increasing demand for landed properties. The surge in prices marks a broader trend, as landed home prices have consistently climbed, driven by various economic factors and changing buyer preferences.
During this quarter, landed home prices experienced a quarterly increase of 3.3%. This rise is indicative of the ongoing demand within the residential sector, as buyers continue to seek out landed homes despite the higher price point. The total value of landed homes sold in the first quarter of 2025 also rose to an impressive $2.4 billion, mirroring the 3.3% increase in prices from the prior quarter. This upward trajectory in both price and sales value underscores the resilience and appeal of landed properties in a competitive marketplace.
Particularly noteworthy is the performance of detached homes, which saw a remarkable quarterly rise in average absolute prices of 4.8%, reaching an average of $12.2 million. This sharp increase signifies a growing preference for larger, standalone properties, which are often perceived as more desirable among affluent buyers. Such properties not only offer more space but also provide a sense of exclusivity that many buyers find appealing.
Several factors contribute to the surge in landed home prices. Strong income growth plays a pivotal role, as individuals and families experience increased financial capabilities, allowing them to invest in high-value properties. Additionally, wealth accumulation among potential buyers has been on the rise, fostering a competitive bidding environment in the landed home sector.
Favorable market conditions, including low-interest rates and a stable economic outlook, have further incentivized buyers to commit to purchasing landed homes, subsequently driving prices upward.
As the market evolves, it is clear that landed homes will continue to be in high demand. The combination of strong economic fundamentals and a shifting landscape of buyer interests suggests that prices may remain on an upward trajectory in the near future. The breach of the $2,000 psf threshold not only marks a significant point in time for the market but also sets a new benchmark for future transactions.
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News Source: Edgeprop
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