The Rise of the First-Time Luxury Buyer
The first-time buyer has long been a focus of real estate conversations, portrayed as budget-conscious, wide-eyed, and just trying to get a foot in the door. But a different type of first-time buyer is emerging: one who enters the real estate market already at the top.
According to The Trend Report 2025 by the Coldwell Banker Global Luxury® program, nearly 48% of surveyed Luxury Property Specialists say they’re seeing an uptick in first-time luxury buyers—many of them younger, highly educated professionals purchasing their first home in the seven-figure range.
Source: The Trend Report 2025/Coldwell Banker Global Luxury Property Specialist Survey
This shift reflects a larger evolution in the luxury real estate landscape. Today’s affluent first-time buyers are more diverse in background, strategic in intent, and agile in lifestyle. Many have achieved early career success in fields like tech, finance, healthcare, and entrepreneurship. Others have recently come into wealth through liquidity events, inheritance, or family planning. Some are true first-time homeowners; others are move-up buyers crossing into the luxury tier for the first time. Typically ranging in age from their early 30s to late 50s, about half are married, reflecting a wide spectrum of life stages and motivations.
“Family-assisted buying is maybe at its strongest point,” says Charlie Ring, a Coldwell Banker-affiliated agent with The Whaley Ring Team in Boston. “At the luxury level, especially with elevated interest rates and a high barrier to entry, we’re seeing more parents step in to help the next generation overcome adversity in today’s financial climate.” He estimates that roughly half of his first-time luxury clients are purchasing with support from a family office or through generational wealth planning. Assisted or acting alone, all of these buyers are successful in their endeavours as entrepreneurs, legal professionals, and finance leaders and beyond who have “multiple degrees, impressive resumes, and life experiences that add to the social dynamic of a city like Boston.”
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In markets like Traverse City, Michigan, Molly Buttleman, a Luxury Property Specialist with Coldwell Banker Schmidt Realtors, says lower city inventory and remote work flexibility have opened the door to a broader segment of first-time luxury buyers. “There also seems to be more generational wealth allowing some of these first-time luxury buyers that option.”
While generational wealth is playing a more dominant role, other regions are seeing a different dynamic at play. Jamie Wilson, a Luxury Property Specialist with Coldwell Banker Heritage in Centerville, Ohio, has seen a wave of pandemic-era buyers trading up to luxury homes for the first time. “Many buyers that I am working with now purchased during the pandemic when inventory was very low and they had to make a rush decision. They have stayed in their home a couple years and realized they are ready for an upgrade.” He says he’s also had several recent retirees that have made the decision “to go all out and buy the home of their dreams.”
In the Florida Keys, for example, lifestyle flexibility is a driving force. “We’re seeing a lot of old money come in. We’re seeing a lot of people who got in with stocks at a young age,” says Halley Haack, a Luxury Property Specialist with Coldwell Banker Schmitt. “A lot of people work from home.” Many of her buyers are migrating from states like California, New York, Pennsylvania, and Ohio, drawn not just by climate but by the freedom to live anywhere.
Most, she notes, are between the ages of 32 and mid-40s. “They’re entrepreneurs. Business owners. They’re not coming down here to work for somebody.”
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That entrepreneurial spirit is a defining characteristic of today’s first-time luxury buyer. According to a survey of Coldwell Banker Global Luxury Property Specialists featured in The Trend Report, the majority of these buyers are entrepreneurs, followed closely by professionals in tech and finance. Healthcare leaders also make a strong showing—many of whom have reached a level of success that allows them to make a lifestyle-driven move into the luxury tier.
While these buyers may be well-capitalized, they’re far from extravagant. Across markets, agents are observing a clear shift toward value-driven decision-making—both emotional and financial. The Trend Report 2025 spotlighted this emerging mindset, predicting that “home affordability will remain a key theme in 2025.” With prices still elevated and interest rates holding firm, today’s luxury buyers are increasingly price-sensitive—but also more intentional. They’re seeking properties that deliver meaningful experiences, lifestyle flexibility, and long-term value.
“They’re willing to spend,” says Wilson, “but they want quality.” That sentiment is echoed by Buttleman: “Today’s luxury buyer is less impressed with size and more focused on quality and finishes.”
In the Florida Keys, where smaller homes are the norm, Haack sees the same trend playing out. “Our housing stock isn’t large to begin with, but that’s not a deterrent. Buyers want properties that check multiple boxes for how they live now—outdoor access, smart layouts, rental potential. It’s not about big for the sake of big.”
Wilson adds that many of his clients are trading in large homes for spaces that feel more refined and functional. “I’m working with a client right now who’s moving out of a 6,000-square-foot Country Club home. Their kids are grown, and now they want something half the size, but with elevated features and better flow for entertaining. Square footage just isn’t as critical as it once was.”
As diverse as their backgrounds may be, these buyers tend to prioritize similar features: turnkey condition, seamless technology, low-maintenance living, and a strong indoor-outdoor connection.
“Home automation is super important to my clients,” says Wilson. “They want to be able to lock the doors, adjust the shades, or check surveillance remotely. Convenience and peace of mind rank high.”
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Investment potential is also top of mind—particularly for buyers who own multiple properties or want long-term flexibility. In the Florida Keys, Haack says the ability to rent a home when not in use is a major driver. “They’re not flipping—these price points are too high—but they want the option to generate income,” she explains. “That’s why our rental program is so popular. A lot of these buyers are snowbirds or younger professionals who work remotely. They’re extremely mobile, and they want their homes to work for them.”
That mindset extends to features that support both lifestyle and resale value. Water views, pools, boating access, solid sea walls, and well-designed baths and bedrooms all rank high on the list for Haack’s clients.
In Boston, Ring sees similar thinking at play. “Consumers are very focused on the investment strength of their homes, regardless of generation,” he says. “Life might take you to a new city or bring unexpected changes. You want a property that’s going to be powerfully resellable. That means understanding not just its advantages, but also its limitations—and factoring both into the purchase decision.”
Turnkey condition, however, remains one of the most consistent themes among buyers. “There’s a real hunger for properties that are designed and renovated,” says Ring. “The majority of luxury buyers are saying, ‘We just don’t have the time or bandwidth for a remodel.’” Jamie Wilson echoes that sentiment: “Most of the buyers I’m working with want to walk into their perfect home. They’re open to small personal touches to suit their style, but it’s rare to find someone willing to take on a property that requires significant updates.”
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Buyers entering the luxury tier for the first time also tend to have little tolerance for compromise. “They want the home to check every box—natural light, outdoor space, updated finishes,a certain lifestyle” says Ring. Even a single missing feature, like a primary bath without both a tub and a separate shower, can be a dealbreaker. “The ability to discount something that is ‘not quite right’ is high,” he says. Haack sees this propensity among first-time affluent buyers too. “The difference is, they don’t need to move or buy a property. They want it, and that’s a different kind of purchase.”
The condition of the home is perhaps the clearest dividing line between newer and more seasoned luxury buyers. “Past generations of buyers may have persevered to find a property worth remodeling,” Ring explains. “They’re not in a hurry since it’s often a want, not a need. Younger buyers, on the other hand, want something they can move into right away. They’ll even shift neighborhoods to get something new.”
For many of these buyers, entering the high-end real estate market is both thrilling and daunting. While they may be confident in their purchasing power, navigating luxury inventory for the first time often requires balancing high expectations with market realities—and that’s where agent expertise becomes invaluable.
“With all the tools at their fingertips—and the influence of money and what it can buy—expectations are high,” says Buttleman. “But when you add in budget constraints and limited inventory, it can quickly become frustrating.”
Technology and social media have reshaped how these buyers approach the process. Many begin their search online long before contacting an agent, often with a shortlist in hand. “They’re finding their homes before they find us,” says Haack. “They already know what they want to look at because of technology.”
While this access helps buyers clarify their preferences, it also raises the bar in terms of expectations. "They come in with a very specific vision, often shaped by what they've seen online," adds Buttleman. “That’s why setting expectations early—face-to-face—is key.”
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Ring notes that the real challenge lies in helping buyers understand the nuances of a local luxury real estate market—something algorithms can’t quite capture. “In Boston, two properties at the same price point can be completely different depending on the street, the view, or the building. It’s our job to help them define how they want to live—and then match that lifestyle to the right property.”
Listening becomes a powerful tool in this process too. “They’ll tell you what they’re looking for, often with a surprising level of clarity,” says Haack. “Once they start narrowing properties down, you may discover that they don’t like carpet. It’s a natural and fluid process of discovering their likes and dislikes.”
For Wilson, connection is key. Building relationships through shared interests has opened doors with this new generation of clients. “I got involved in the equestrian world—Dressage and Show Jumping events—and it’s transformed my business,” he says. “These clients want to work with someone who understands their lifestyle. Real estate naturally follows from there.”
What emerges from these stories is not just a new buyer profile—but a new era in luxury real estate. The rise of the first-time luxury buyer reflects broader cultural and economic shifts: increased mobility, early wealth creation, new lifestyle priorities, and a desire for real estate that aligns with their values and long-term goals.
Agents who understand these clients—and the unique blend of guidance, personalization, and tech-savvy service they require—are poised to thrive in this next chapter of luxury living.
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