The trend for the past few years has been luxury vinyl plank. Many products from all price ranges have come roaring in the market but has there been a slowdown in demand for luxury vinyl products?
So far it is difficult to tell but one thing that is noticeable is that the demand for hardwood flooring has been growing exponentially the past couple quarters.
The main reason seems to stem from the price of hardwood flooring becoming more competitive to vinyl plank products. Over the years as the market has demanded LVT we saw a massive move away from engineered hardwood and even more solid wood flooring was not being sought after.
By the middle of 2022, there seemed to be a shift in the market. As the price of most LVP products grew the price of real wood and engineered products stayed dormant and at times dropped. In terms of quality the hardwood has not changed. Wood flooring has been one of the highest in demand products for decades in terms of increasing your homes value long term.
What color flooring is popular in 2023?
As we have seen grey colors in the mid-late 2010's we have seen more traditional tones coming back into style over the past year.
The deep brown and reddish tones have been one of the most requested while greys seem to have gone out of demand. Even more natural oaks have been desired.
Solid white oak can provide a natural look but with a spectrum of colors to stain from. One of the biggest takeaways from solid flooring is the longevity where you are able to refinish those floors for decades.
Engineered hardwood comes in many different options but one that is often wanted is for future ability to be sanded and refinished.
Where does this leave luxury vinyl plank products?
Luxury vinyl is still in high demand. It offers something that hardwood simply cannot and that is a lot of protection form water exposure. The simple truth is that vinyl does have this ability to protect your floor from your pets and kids making a mess. It also is often cheaper to repair any damage caused minor or large. The market is large and luxury flooring products are not going to go away. However, hardwood has comeback because it has become more competitive and often yields a better long term investment when you compare current market prices. Hardwood flooring is still the king of all floor covering.