GREENVILLE, S.C. — The 2025 Sotheby’s International Realty Luxury Outlook highlights international high-end real estate trends that mirror what is happening in the Upstate.
Just released, The 2025 Luxury Outlook report draws on insights from Sotheby’s International Realty agents worldwide who specialize in transactions in the $10 million price category. Their expertise is complemented in the report by data from industry leaders including J.P. Morgan Private Bank, PricewaterhouseCoopers, Cerulli Associates, Henley & Partners, UBS, and the National Association of Realtors (NAR).
One of the key takeaways that appears consistently through the Luxury Outlook is that proximity to nature, arts and culture is profoundly shaping the tastes of emerging affluent buyers. Joan Herlong, the founder and CEO of Herlong Sotheby’s International Realty, said these are key reasons that the Upstate is seeing growth in demand for luxury real estate.
“The Upstate is almost a perfect nexus of arts and culture mixed with nature,” she said. “We have performing arts centers next to rivers. We have luxury communities on lakes. We have breathtaking mountain views less than 20 miles from the urban core.”
Some other key points:
· The economy has largely normalized following the volatility of the pandemic years, which has led to adjustments in the property market. Overall, home sales volume in the U.S. in 2024 was a little behind 2023, but the upper brackets performed better than the average priced market.
· By 2045, as much as $84 trillion will have flowed from the Silent Generation and Baby Boomers into the bank accounts of their children and grandchildren. In response, the luxury market is changing to reflect the tastes and preferences of younger generations.
· Women are coming into their own as independent homebuyers. Women’s presence in the high-end housing market is set to increase. Women are expected to be in charge of $34 trillion, or about 38% of all investable assets in the U.S. by 2030. Data from a March 2024 report from the Bank of America Institute indicates that the coming intergenerational wealth transfer “will contribute to women controlling more wealth than ever before.”
· Branded residences have existed for several decades, but the trend notably picked up during 2020, according to global architecture firm WATG. Since then, the firm has tracked 84 new projects that have opened around the world. As of 2024, the global branded residential market is valued at $66 billion.
· Buyers continue to seek homes that align with their personal aspirations and values. Trends such as hybrid working, heightened demand for wellness amenities, and sustainability are shaping the luxury housing market and influencing buyers’ decisions.
“In today’s world, homes have transcended their traditional role of being a place to live. They have become curated backdrops that people broadcast constantly on social media,” Herlong said. “Because of that we continue to find that a home’s greatest selling point is its uniqueness.”
Meanwhile, Herlong Sotheby’s International Realty continues to set the pace for luxury sales in the Upstate.
In 2024, Associate David Vandeputte set a new Upstate sales single home sales record when he represented the seller and the buyer for a 9,600 SF home at 132 Mountain Shore Trail in Six Mile, which closed at $10 million. The sale broke the previous record of $9 million, which was set by Herlong herself in 2022 for the Belle Terre estate in Simpsonville.
“The Luxury Outlook underscores what our Associates are seeing in the Upstate,” Herlong said. “The story is when people think of luxury living, they need to think of our region.”
About Herlong Sotheby’s International Realty
Herlong Sotheby’s International Realty is one of the leading and most trusted names in real estate in the Upstate of South Carolina. Originally founded by Owner/CEO Joan Herlong as AugustaRoad.com Realty in 2011, the firm has since handled thousands of properties in the Greenville and Upstate area. In 2017, the company affiliated with Sotheby’s International Realty, becoming Joan Herlong & Associates Sotheby’s International Realty. The company has more than tripled in agent count and production volume since that time. In 2024, it took on its current name. Learn more at www.herlongsir.com.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation, and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational, and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.
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