Gen X, Millennials to Inherit $2.4T in U.S. Real Estate Wealth Over the Next Decade

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A historic wealth transfer is already underway, and luxury real estate is one of its biggest beneficiaries.

According to the newly released Coldwell Banker Global Luxury 2026 Trend Report, Gen X and Millennials are set to inherit $4.6 trillion in global real estate wealth over the next 10 years, with the United States expected to capture 52% of that total, nearly $2.4 trillion.

The report draws on three years of luxury home sales data, insights from global wealth research firms, and a survey of more than 100 Coldwell Banker Global Luxury Property Specialists.

Together, the data paints a clear picture of where luxury demand is headed, why it remains resilient, and how buyer priorities are shifting in meaningful ways.

Gen X and Millennials Take the Lead in the Great Wealth Transfer

This next cycle of luxury demand is being driven less by first-time wealth creation and more by inheritance. Gen X is positioned to receive the bulk of near-term real estate transfers, while Millennials are expected to inherit the largest share over the long term.

Nearly $2.4 trillion in U.S. luxury real estate is projected to change hands over the next decade, and individuals with net worth between $5 million and $30 million are expected to drive 65.7% of those transfers.

Michael Altneu, Vice President of the Coldwell Banker Global Luxury program, explains how these buyers are approaching real estate differently as wealth changes hands:

“The next generations are inheriting a historic amount of wealth and approaching luxury with intention. They are choosing homes that reflect their identity, support their day-to-day lifestyles, and protect long-term financial value.

“For many, real estate has become a strategic piece of their wealth planning and a sanctuary for their well-being.”

Why Luxury Housing Is Holding Firm While Other Segments Cool

While higher rates and affordability pressures have slowed activity in many housing segments, the luxury market is separating itself from the broader landscape.

The report highlights several indicators that help explain why:

Nearly 80% of Coldwell Banker Global Luxury Property Specialists describe their local markets as resilient.
In the U.S., single-family luxury home prices increased 3% in 2025.
Luxury single-family home sales rose 4% in 2025.
Since 2020, global wealth among high-net-worth individuals has grown nearly 40%, including a 29.4% increase in real estate holdings.
The absolute dollar value invested in global real estate has increased for five consecutive years.

As Altneu notes, this activity reflects confidence rather than caution among affluent buyers:

“What we’re seeing is confidence, not caution. Luxury buyers are staying active, prices are holding, and demand is concentrating in markets that offer lifestyle depth and long-term stability. That’s why these markets continue to perform.”

Nest Investing and the Shift Toward Living Large

One of the clearest behavioral changes identified in the report is what Coldwell Banker Global Luxury calls “nest investing,” a trend where affluent households prioritize real estate over discretionary luxury spending.

As value-driven decision-making takes hold, ultra-high-net-worth households are directing more capital toward primary residence upgrades and lifestyle properties.

Home-related spending among individuals with a net worth of $30 million or more is projected to outpace spending on personal luxury goods by 18.5%.

Compared to older generations, younger heirs are also allocating a larger share of their portfolios to real estate, with rising demand for homes priced between $3 million and $10 million. Buyers are prioritizing wellness, space, quality, and long-term returns.

That shift is also reshaping what luxury buyers want inside the home:

Nearly 40% of Luxury Property Specialists report minimum bedroom and bathroom counts as a top non-negotiable.
Inquiries for 5+ bedroom single-family homes account for 63.7% of all inquiries.
The average luxury single-family home sold in 2025 had 4.4 bedrooms and measured about 4,250 square feet.
By comparison, the average new U.S. home measures 2,364 square feet.
One in four, or 25%, Coldwell Banker Global Luxury sold listings in 2025 highlighted “modern design.”

Jade Mills, President of Jade Mills Estates and International Ambassador of the Coldwell Banker Global Luxury program, summed up the evolving buyer mindset:

“For today’s ultra-luxury buyers, special characteristics matter. They want homes with presence and lasting value, including acreage and privacy, forever views, and architectural quality. Homes must tell a story to truly stand out.”

New Luxury Hotspots Are Emerging Across the U.S.

As wealth becomes more mobile, buyers are no longer anchored to traditional luxury hubs. The report identifies a new group of high-growth luxury markets that share many of the resiliency traits once associated primarily with New York and London.

High-growth markets highlighted in the report include:

Atlanta
San Diego
Nashville
Dallas
Salt Lake City
Minneapolis

These markets have experienced steady price appreciation over the past five years while offering strong local economies, diverse industries, and lifestyle amenities. Increased geographic flexibility allows buyers to weigh factors such as tax strategy, climate, and quality of life more heavily than in past cycles.

Altneu points to mobility as a defining force behind this shift:

“Affluent buyers have more geographic flexibility than ever before. As wealth becomes more mobile, buyers are choosing different cities, and that shift is changing where luxury demand concentrates globally.”

Bottom line: the future of luxury real estate will be shaped less by short-term market noise and more by who controls the wealth, how they allocate it, and what they expect in return.

Key Details:

Coldwell Banker Global Luxury reports Gen X and Millennials will inherit $4.6 trillion in global real estate, with 52% or $2.4 trillion flowing into the U.S.
Luxury home prices rose 3% in 2025, sales increased 4%, and 80% of surveyed markets remain resilient as real estate holdings among high-net-worth individuals grew 29.4% since 2020.

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Chuck Barberini Real Estate