Patience or Price: A View of Luxury Markets from Inside the Conversation

There is no single story of the luxury real estate market. Conditions can shift dramatically between neighboring communities, price points and property types—and the most revealing signals often emerge in conversations with advisors working directly with buyers and sellers.

For a special edition of Leading Minds, REALM exchanged the traditional guest presentation for seven regional breakout conversations. Members compared pricing, buyer behavior, inventory and emerging sources of demand, then brought their observations back to the wider community. The result was not a national forecast, but a valuable view of the distinctions that broad market headlines can miss.

The West: new wealth, selective demand

In the West, Pacific Northwest and Hawaii discussion, a Silicon Valley advisor described exceptional competition at the upper end of San Francisco and Peninsula markets, including examples of homes trading millions above asking price. In portions of Silicon Valley, members observed particularly strong activity above $5 million, influenced in part by wealth associated with the technology and AI sectors.

Demand was not uniform. Members described a more measured pace in secondary markets such as Whitefish and parts of Lake Tahoe, while Reno’s $1 million to $3 million segment appeared more active. The discussion underscored how liquidity concentrated in one market does not immediately translate into comparable demand in another.

Hawaii offered its own contrasts. Members reported strength in select large-property transactions on the Big Island, slower movement among some high-end Maui estates and continued condo inventory pressure. From Kauai, Susan Higgins described buyers returning after a disruptive period and emphasized the resilience of the islands’ markets.

The Mountain West: headline sales and underlying conditions

Across the Four Corners and Wyoming markets, members described varying levels of activity: seasonal momentum returning to Scottsdale, a slower pace in St. George and notable interest in Jackson Hole. Advisors also discussed how tax considerations and newly created wealth may influence where some buyers choose to establish a presence, without presenting those conversations as a definitive migration trend.

In Telluride, one member cautioned that a handful of transactions above $10 million can make monthly totals look stronger than the wider market feels. The observation was a useful reminder that sales volume alone may conceal meaningful differences between segments.

Texas and the Midwest: the choice between patience and price

The Texas and Midwest discussion brought a more cautious picture. Megan Mitchum of Des Moines described elevated inventory, slower showings and buyers taking longer to make decisions. Members in several markets reported inventory increases exceeding 30 percent year over year, though these were local observations rather than a regionwide measure.

Dallas stood apart in the conversation, with corporate relocation continuing to support activity. Elsewhere, sellers accustomed to faster conditions were being asked to reconsider their expectations. One member summarized the decision with a memorable phrase: “patience or price.”
That choice is not simply about reducing a number. It reflects the advisor’s responsibility to interpret today’s demand, understand a seller’s priorities and establish a strategy that fits both.

The South and Southeast: a premium on readiness

Members representing Wilmington, Charleston, Sarasota and other Southeastern markets described a clear preference for move-in-ready homes. Well-presented, turnkey properties could still command attention, while homes requiring substantial work often faced greater resistance unless priced accordingly.

At the very top of certain markets, members continued to see significant transactions. Yet those sales did not erase the need for disciplined pricing and careful preparation elsewhere. Relocation remained a meaningful part of the discussion, reinforcing the value of relationships formed before a buyer is ready to transact.

Canada and international markets: different pressures, shared questions

In Toronto, members described softer condominium conditions and a slower development environment. The group also discussed the potential implications of changes to Canada’s foreign-buyer restrictions; any policy developments require separate verification before being treated as settled.

International participants spanning Mexico, Costa Rica and Italy discussed seasonality, weather-related disruptions and more favorable negotiating conditions for buyers in certain markets. Beyond individual transactions, members considered how to collaborate on research into changing migration and investment patterns.

Intelligence built through relationships

Perhaps the most significant outcome was the exchange itself. Members did not arrive with identical market conditions or a universal prescription. They brought the specificity of their own transactions, the questions clients are asking and the early signals that have yet to become headlines.

For a global community of advisors, that perspective is an advantage. The ability to connect local knowledge across markets creates a more nuanced understanding of where opportunity is emerging—and helps each advisor offer clients insight that extends beyond their immediate geography.

REALM is a private, global membership community connecting leading luxury real estate advisors and independent brokerages through trusted relationships, shared market intelligence, strategic partnerships and meaningful collaboration. Explore membership at realm-global.com/membership.