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While people have different definitions for luxury, the word generally evokes extravagance, grandeur, and exclusivity. And in the housing market, it often prompts visions of a grand mansion dripping with amenities.
But the definition of luxury housing today is changing, according to Pamela Liebman, CEO of The Corcoran Group, the real estate firm founded by Shark Tank star Barbara Corcoran in 1973. In fact, many affluent buyers lean toward the low-key “quiet luxury” trend when buying a home.
“When it comes to buying a home, quiet luxury doesn’t have to be the biggest setting on the block,” Liebman SPOKE Mansion Global. “It can be a place that makes you happy and can have all your favorite bells and whistles, which can be something like a nice balcony where you sit and have tea or a cocktail at the end of the day versus being a major estate that everyone throws around and wants to know who lives there.
“Quiet luxury is luxury that makes you happy,” he continued. “The luxury in your face might be spitting it out in the rest of the world.”
In fact, a July report from the vacation-home co-ownership platform Pacaso shows that small houses are becoming more luxurious and becoming popular with tall people. The average size of a new home decreased from 2,314 square feet in Q4 2022 to 2,169 square feet in Q4 2024, US Census Bureau DATA appeared.
“Affluent buyers are prioritizing convenience and financial flexibility, looking for homes that require little maintenance without sacrificing the high-end finishes we all love,” according to Pacaso. In addition, they choose smaller houses because they are easier to buy with cash instead of taking out a mortgage while prices are 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 currently on the radar.
On the West Coast, Liebman noted Sonoma County, especially Healdsburg, Calif., “an interesting area” where luxury home sales increased 150% year-over-year and 20% of homes received multiple offers.
According to Zillowthe average home price is around $1.1 million, a 17% increase over the past five years. And in late July, the average listing price was more than $1.5 million. Sonoma County has become a hot spot for buyers from cities like San Francisco and Los Angeles, according to Daniel Casabonne of Sotheby’s International Realty, for its vineyard views and small-town vibe.
Park City, Utah, has also become a popular destination to buy a luxury home, especially for people looking for a skiing destination, Liebman said—and is easier to reach than Aspen by a commercial flight.
“You know, not everybody has a private plane,” he said. However, the average price of a home in Park City is a cool $1.5 million, according to Zillow. In other words, new construction in Park City’s luxury condo market grew, and the median sales price increased 23% in Q2 to $1.85 million, DATA from Park City investor appeared.
On the East Coast, Lake Burton, Ga.; Asheville, NC; Parts of South Carolina, and the Florida panhandle have also become popular for luxury home buyers, Liebman said. In Lake Burton, many 2024 listings exceed $5 million, and Mayfair International Realty recently exclusive lists a $10 million private island there.
Meanwhile, the luxury market in the Florida panhandle continues to grow and Inventory levels are rising. In particular, Inlet Beach, Santa Rosa Beach, and Destin are all developing as luxury markets with new upscale beachfront properties driving up overall prices. The average house price in Inlet Beach is $1.7 million, according to Zillow.
“Heritage destinations remain as timeless as ever, (but) the Florida panhandle is solidifying its status as a vacationer favorite,” Pacaso CEO and cofounder Austin Allison wrote in the company. list of the top 20 luxury vacation home markets in 2024.
A version of this story was published by Fortune.com on September 9, 2025.
