Residential Wellness Real Estate Explodes In Popularity, According To New Report - Sun and Planets Spirituality AYINRIN

Residential Wellness Real Estate Explodes In Popularity, According To New Report - Sun and Planets Spirituality AYINRIN

Residential wellness real estate with home gyms enhance the household's fitness potential and the ... [+]

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“Wellness real estate is by far the fastest growing wellness sector in the United States in the past few years,” declares Ophelia Yeung, a senior research fellow with the Global Wellness Institute. This leading research resource for policymakers, analysts and writers on the international wellness industry recently released its 2024 report on that sector. Yeung notes that while it covers office, hospitality, mixed use and other commercial categories, “the growth in recent years has been propelled by rising interest in wellness residential real estate.”

Pandemic Factor

“There is no question that the pandemic gave a big boost to residential wellness real estate,” observes Yeung. While economies here and abroad contracted, this sector grew 21.6% worldwide, she reports. The researcher chalks up its success to scientific recognition that our overall built environment can either make us sick or protect us. “The pandemic has greatly elevated the understanding of wellness and its many aspects – healthy eating, movement, mental wellness, sleep, nature, social connections, spirituality and meaning,” she observes, noting that consumers want to incorporate these features in their environments. She also points out that people spending so much time at home during those early months made people look at their home investments in new ways.

Amanda Pendleton, home trends expert for real estate platform Zillow, sees the Covid effect too: “The pandemic sparked a much greater awareness of how a home can contribute to its occupants’ health and well-being. Real estate agents, who have a pulse on what buyers are looking for, are highlighting certain wellness features more frequently because they’ve become increasingly desirable,” she notes.

“In Zillow’s most recent analysis conducted in late 2023, mentions of ‘wellness’ had increased 32% in for-sale listing descriptions, and other wellness features saw a much larger bump,” she notes. Wellness features mentioned include sensory gardens, up 314%. Cold plunge pool mentions are up 130%. Pickleball mentions are up 64%, she adds. The five most common wellness features that appear in real estate listing descriptions are walking trails, fitness features, air filtration, water filtration and jetted tubs, Pendleton reports from Zillow data.

Home Investments

“Home is often the largest investment for most households, so it makes sense that it is also an investment in health,” Yeung comments. She points to the latest America At Home study showing that health and wellness are now top features homeowners want in their living spaces. “We predict that wellness real estate will take up an increasing share of the real estate pie, as it will grow at a faster pace than overall real estate construction,” she forecasts.

Real estate professionals frequently point to ‘location, location, location’ as a key determinant in a home’s desirability. Wellness shows up here too, according to the National Association of Realtors’ director of member and consumer survey research Brandi Snowden. Homebuyers today want more than just great schools and low crime communities.

“In the 2023 Profile of Home Buyers and Sellers report, NAR asks recent buyers about factors that influenced their neighborhood choice. 23% of buyers said convenience to parks/recreational facilities, 20% said walkability, 16% said convenience to health facilities and 8% said access to bike paths were influencing,” Snowden shares. These all point to wellness features surrounding the home. Walkability was also on 49% of buyers’ wish lists, she adds.

Well-Washing Warning

Just as with faux sustainability claims to boost sales, we’ve seen much ‘well-washing’ to promote spurious wellness promises for all manner of products – some with real health harm, others mainly harming your fiscal health. Real estate is no exception! “I think the most egregious form of well-washing is the ‘check the box’ approach in developing wellness real estate,” Yeung comments, noting that some developers and operators are looking for easy ways to attach the wellness word to their projects.

That aligns with Pendleton’s take on Zillow research showing that the word “wellness” does not have an impact on a listing’s sales price or time on market, she says. But specific wellness-enhancing features can have a helpful effect: “Homes with a saltwater pool can sell for 1.5% more than expected,” she shares, and “a calming spa-inspired bathroom can help a home sell for 0.9% more than similar homes. A walkable home can sell 2.2 days faster.”

Buyers should always consider how a wellness claim can support their health, safety and well-being, and whether the certification they’re touting is by an unbiased third party organization outside of the real estate industry, like WELL for residential from the International WELL Building Institute.

Wellness for All

Like most home-related elements, wellness real estate began at the luxury level and has been democratizing down to the mainstream in recent years. It’s a trend Yeung embraces: “Wellness design and features that enable a healthy lifestyle can be delivered at different price points, in different markets, including multifamily, master-planned communities, senior housing, student housing, co-housing, affordable housing, rental properties, etc. I think we will begin to see many more market options and variations in the coming years.”

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