WANT TO KNOW WHAT’S TRENDING? ASK THE LOCALS
WHETHER THEY’RE MOVING UP OR DOWNSIZING, RESIDENT HOME BUYERS KNOW WHAT THEY WANT—AND DEVELOPERS ARE LISTENING
Most housing markets include a mix of local and regional buyers and relocation buyers from other parts of the U.S. or the globe.
Since tracking where the next influx of out-of-town buyers may come from can be challenging, many builders and developers rely on local residents and their real estate agents for insights into what they’re looking for and the latest trends. Priorities depend on market conditions and traditions, which are often influenced by regional differences.
TRADING UP WHILE STAYING TRADITIONAL IN CLEVELAND
When Taylor Swift and Travis Kelce (who grew up in the Cleveland suburbs) were seen house hunting in Chagrin Falls, Ohio, speculation was rampant that the couple would buy one of the many luxury estates there.
“That visit from Taylor Swift and Travis Kelce gave the Cleveland real estate market a big bump of attention,” says David Ayers, a Managing Partner of The Agency Cleveland. “But the Cleveland area is affluent, and we have many local homeowners here who own properties all over the world.”
Ayers says high-net-worth households in Cleveland include C-suite executives, medical professionals, well-known athletes along with a variety of manufacturing and industrial business-owners.
“There’s a Midwestern mindset about money, so often these buyers will quietly purchase multimillion-dollar homes while living unostentatiously,” he says. “Cleveland has a great number of old money families and Gilded Age homes rather than new construction. It’s a very traditional market and even in new construction, buyers want a traditional home.” Over in nearby Columbus, new construction homes tend to be a little bit more modern with indoor-outdoor living, he says.
“Our biggest challenge right now is managing expectations,” Ayers says. “Relocation buyers appreciate the value in these homes, but locals are frustrated that something that would have cost $750,000 a few years ago now sells for $1 million.”
Local buyers in Cleveland include older baby boomers who are downsizing, as well as young Gen Z buyers snapping up more affordable houses.
“The problem is that many older sellers haven’t done much to their homes for the past 15 or 20 years, but buyers want minimal work,” Ayers says. “Anything new—of which there’s very little—or in turnkey condition, sells quickly.”
FRISCO, TEXAS TRENDS: SINGLE-STORY AND MULTIGENERATIONAL HOMES
Frisco, Texas, saw an influx of luxury home buyers over the past five to seven years, buyers who are looking to upgrade their ideal home now that there’s more inventory, says Heather Stevens, a Managing Partner of The Agency Frisco and The Agency Rockwall.
“If they bought years ago and have built up equity, homeowners want to move into something they like better,” Stevens says. “Other people who relocated here years ago now know the area and want to move to a different neighborhood for the lifestyle.”
While two-story homes were more popular in the past, more of Stevens’ clients are asking for single-story homes now—and builders are responding with more one-level floor plans.
“We’ve also got more buyers looking for multigenerational layouts so they can bring family members to live with them or visit for long periods of time,” she says.
The Fields master-planned community, now headquarters for the Professional Golfers’ Association of America (PGA), includes the Preserve, an exclusive gated community, which has custom multigenerational homes built on lots priced from $1 million and above with golf course views.
“I get 10 requests a month for a one-story 5,000-square-foot house on one acre in the $1 million to $1.5 million price range,” Stevens says. “People want more functionality than flashiness now, so they want two offices or at least one office and a flexible workspace, plus they want a first floor guest suite and a second prep kitchen.”
Stevens says prices are a little lower than they were three years ago, but still way above pre-Covid prices.
LIFESTYLE AND LOCATION GETS CHARLOTTE BUYERS TO MOVE
“Our market has remained steady, with prices up substantially compared to five years ago,” Miller says. “Most of our local luxury buyers are downsizing or changing locations to be closer to the city or to new communities with amenities.”
Close to the city, builders are redeveloping older homes into luxury townhomes and condos, Miller says.
“Theyre building new ‘duet’ style homes, which are not rows of townhouses but just two homes that share one wall,” she says. “These are larger than a townhouse and have very luxurious finishes that appeal to downsizing buyers.”
uptick in $1M+ listings in Charlotte in 2025
REALTOR.COM
A little farther from the city, contractors who used to primarily do renovations are now building new, large, and expensive homes that appeal to families in communities with pools, walking trails, and a clubhouse, she says.
“There used to be more tract houses developed, but a new trend is that more of these are custom homes,” Miller says. “We’ve always been a relatively traditional market, but in these newer homes we’re starting to see builders bring in a little bit of West Coast design elements with lighter, brighter, cleaner designs and a more open-floor plan.”
Charlotte is much larger and more spread out than some people realize, spanning nearly 300 square miles. The Charlotte-Concord-Gastonia metro has seen a 25.5% uptick in million dollar listings, year-over-year, according to Realtor.com data pulled exclusively for The Agency. Nearby Wilmington, along the coast, has seen a 48% increase in seven-figure property listings in the same period.
“North of Charlotte is more about the lake lifestyle, while south of Charlotte is growing with more shopping and entertainment,” Miller says. “People choose where to move based on their lifestyle and the school districts. We’ve got several elite private schools as well as school districts with high ratings.”
BUYERS AND SELLERS BY THE NUMBERS
recent buyers were married couples
recent buyers were single females
of buyers without children in the home—the highest share recorded
YEARS
the typical age of home sellers in 2024, the highest ever recorded
YEARS
the median duration of homeownership for sellers in 2024
moved due to a less desirable neighborhood
moved closer to friends & family
moved due to small home size
DATA PROVIDED BY NAR
NO RENOVATIONS PLEASE IN D.C.
The Washington, D.C. housing market and local economy have always been resilient, in part because of the steady presence of the federal government, says Nurit Coombe, Managing Partner of The Agency D.C. Metro, The Agency Frederick, and The Agency Dominican Republic.
“We’ve always been considered to be recession-proof, and now with funding cuts, job cuts, and uncertainty, we’re still selling houses and doing fine,” Coombe says. “Prices are still going up, but we are seeing a little bit of a slower pace of sales,” she adds. “Everyone is just feeling a little uncertain.”
In the early days of 2025, luxury relocation buyers included executives recruited to work in the administration and others who wanted to be near the seat of power, she says. Now, buyers are primarily locals who move from one neighborhood to another or people who moved farther away from the city when they worked remotely and are moving back because of return-to-office mandates, she says. “It’s still a seller’s market, but everyone is more realistic,” Coombe says. “There are more transactions with contingencies and negotiating takes a little longer.”
Most of all, she says, people prefer a move-in-ready house that doesn’t require any renovations. “People are too busy here, plus everyone wants to keep extra cash in reserve because of the economic uncertainty,” Coombe says. “There is still some new construction, primarily luxury townhouse communities and one or two homes on infill lots, because there’s just not a lot of available land in this area. Builders are continuing to build because they’re optimistic that the market will improve, but for now they’re offering incentives.”
According to Realtor.com data, the D.C. metro area, inclusive of Washington, Arlington and Alexandria, has seen a 41% increase in million-dollar-plus listings in the 12 months ending August 2025. While some buyers hope to find a bargain given the shifting local economy, sellers are typically not willing to drop their prices and will just postpone a sale instead, Coombe says.
increase has been seen in the DC Metro area for $1M+ listings in 2025, compared to 2024
