‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says

But today’s definition of luxury housing is changing, according to Pamela Lipman, CEO of The Corcoran Group, the real estate company he founded Shark tank star Barbara Corcoran in 1973. In fact, many wealthy buyers lean toward the “quiet luxury” trend when purchasing a home.

“When it comes to home buying, quiet luxury doesn’t have to be the biggest property in the area,” Lipman said. Universal Palace. “It can be a place that makes you very happy and might have all of your bells and whistles, which can be a lovely terrace where you sit and have tea or a cocktail at the end of the day versus being a big estate that everyone walks by and wants to know who lives there.”

“Quiet luxury is luxury that makes you happy,” she continued. “In-your-face luxury might spit it out to the rest of the world.”

In fact, a July report from holiday home co-ownership platform Pacaso showed that smaller homes are becoming more luxurious and gaining popularity among high-net-worth individuals. The average new home size fell from 2,314 square feet in the fourth quarter of 2022 to 2,169 square feet in the fourth quarter of 2024, U.S. Census Bureau data showed.

“Wealthy buyers are prioritizing convenience and financial flexibility, and are looking for homes that require less maintenance without sacrificing the high-end finishes we all love,” says Pacasso. In addition, they are choosing smaller homes because it is easier to buy with cash rather than take out a mortgage while interest rates are still high.

Where buyers are looking for “quiet luxury.”

Quiet luxury is also about where you buy. While major luxury housing markets include the Hamptons, New York City, Los Angeles, Miami, Palm Beach, and Dallas, there are several emerging markets now on the radar.

On the West Coast, Lipman noted that Sonoma County, specifically Healdsburg, California, “is an interesting place” where luxury home sales are up 150% year over year, and 20% of homes have received multiple offers.

According to Zillow, the median home price there is nearly $1.1 million, an increase of about 17% over the past five years. As of late July, the average listing price was more than $1.5 million. Sonoma County has become a magnet for buyers from urban areas like San Francisco and Los Angeles, according to Daniel Casabon of Sotheby’s International Realty, because of its views of vineyards and small-town atmosphere.

Park City, Utah, has also become a popular destination for buying a luxury home, especially for people looking for a ski destination, and it’s easier to reach than Aspen via commercial flight, Lipman said.

“You know, not everyone has a private plane,” she said. However, the median home price in Park City is $1.5 million, according to Zillow. Specifically, Park City’s new construction luxury apartment market has seen growth, and median sales prices rose 23% in the second quarter to $1.85 million, according to data from Park City Investor.

On the east coast, Lake Burton, Georgia; Asheville, North Carolina; Parts of South Carolina and Florida are also becoming popular for luxury home buyers, Lipman said. In Lake Burton, several 2024 listings exceeded $5 million, and Mayfair International Realty recently exclusively listed a $10 million private island there.

Meanwhile, Florida’s luxury goods market continues to grow and inventory levels are rising. Specifically, Inlet Beach, Santa Rosa Beach and Destin stand out as luxury markets with new upscale beachfront properties boosting overall prices. The median home price in Inlet Beach is $1.7 million, according to Zillow.

“Old destinations remain as timeless as ever; [but] “Florida’s beggar cements its position as a preferred vacation spot,” Pacaso CEO and co-founder Austin Allison wrote in the company’s list of the top 20 markets for luxury vacation homes for 2024.

A version of this story was published on Fortune.com on September 9, 2025.

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