Luxury real estate isn’t just for the coasts anymore.
While cities like New York and Miami remain home to some of the nation’s most expensive real estate, million-dollar listings are increasingly popping up in midsize metro areas.
The shifts reflect how corporate expansions are transforming parts of the South and West, even as the luxury market holds steady on a national average. Nationwide, 13.5% of homes on the market are priced at $1 million or above, and the total number of homes for sale at that price point hasn’t budged much in the last year.
But places like Northwest Arkansas and Durham, N.C., tell markedly different stories. There, million-dollar listings are up by double-digit percentages since last year, and builders are rushing to construct high-end homes, putting those regions in the top two spots on Realtor.com’s new list of emerging luxury markets.
Here’s where — and why — luxury real estate is seeing its fastest growth.
1. Northwest Arkansas
Aerial view of Fayetteville, Arkansas, town square. ·Michael Warren via Getty Images
Corporate growth and lower cost of living have propelled a collection of scenic cities in the Ozarks to become one of the fastest-growing regions of the country. A trio of towns has been rapidly adding high-paying jobs: Fayetteville, home to the University of Arkansas; Bentonville, where Walmart is headquartered; and Springdale, the global headquarters of Tyson Foods. Listings of million-dollar homes designed for well-paid professionals have surged nearly 38% in the last year. But in a reflection of Arkansas’ relative affordability, the top 10% of homes on the market start at just over $1 million, compared to the nationwide average of $1.27 million.
2. North Carolina’s Research Triangle
Million-dollar listings in Durham and Chapel Hill, N.C. — part of the state’s Research Triangle area — have risen nearly 24% in the last year, and nearly one-third of new builds are considered to be in the luxury category. Demand from well-paid professionals is once again helping drive the growth. The area has three major research universities, as well as a growing roster of technology and life sciences companies. The region is among the fastest-growing large metros in the country, and home prices at the top of the market start at about $1.24 million, just a bit below the national market.
3. Santa Fe, N.M.
City view of historic Santa Fe, New Mexico in fall ·MonaMakela via Getty Images
The capital of New Mexico has long been a magnet for well-heeled creatives and fans of Pueblo-style architecture. Million-dollar listings make up more than 40% of the city’s housing market, and the top 10% of listings start at more than $2.7 million. Still, listings in the million-dollar-plus category have only been growing. They’re up more than 20% between April 2025 and April 2026.
4. Colorado Springs, Colo.
Demand for luxury homes has been growing in Colorado Springs, thanks to the military city’s robust defense contracting sector and steady roster of technology employers. The top of the market starts at around $1 million, making it cheaper than nearby Denver. Million-dollar listings are up nearly 18% year over year, and almost 15% of the area’s new construction is considered luxury.
5. Knoxville, Tenn.
Knoxville, Tennessee city skyline in late afternoon, cityscape ·CrackerClips via Getty Images
East Tennessee has attracted relocators seeking access to nature — Great Smoky Mountains National Park is less than an hour away — and relatively low cost of living. The top 10% of listings in the Knoxville area start at just over $1 million, and million-dollar listings are up 16% since last year. Builders are responding to demand, with some 22% of new construction considered luxury.
6. Asheville, N.C.
Nestled in North Carolina’s Blue Ridge Mountains, Asheville is another top destination for affluent nature lovers. More than 18% of the city’s listings are priced at over $1 million, and the top of the market starts at just under $1.5 million, above the national average. Million-dollar listings are up 9% year over year.
7. Provo, Utah
Provo is the third-largest city in Utah, United States. It is 43 miles south of Salt Lake City along the Wasatch Front. Provo is the largest city and county seat of Utah County. ·DenisTangneyJr via Getty Images
The population — and wealth — of greater Provo, located about an hour south of Salt Lake City, has surged in recent years. Home to two universities — Brigham Young University and Utah Valley University — the college town is part of a burgeoning technology scene that’s been nicknamed the “Silicon Slopes.” The top decile of listings start at about $1.3 million, and, in a testament to growing demand, more than a third of the area’s new construction is considered luxury.
8. New York’s Mid-Hudson Valley
Hudson Valley towns like Poughkeepsie and Newburgh have long been favored by well-off New Yorkers seeking a quieter pace of life while maintaining access to the city via commuter rail. Luxury homes in the area start at just under $1.3 million, a relatively approachable price point for an expensive region, and often come with the acreage and privacy that closer-in suburbs of the city lack. Million-dollar listings make up 14% of the market, and are up 6.7% year over year.
9. St. George, Utah
St. George city overlook. ·Eleven17 via Getty Images
Flanked by red sandstone cliffs, the southwestern Utah town of St. George has become a destination for retirees and relocators from nearby states like Nevada and California. Nature lovers flock to the city for its year-round warm weather and close proximity to Zion National Park. Still, those amenities don’t come cheap: The top end of the housing market starts at $1.5 million, and million-dollar listings make up nearly a quarter of the market.
10. Savannah, Ga.
Savannah offers a chance at coastal living at relatively approachable price points. The top 10% of the city’s housing market starts at just over $1 million, below the national average. These days, nearly a quarter of the city’s new builds are considered luxury. Savannah’s historic charm and walkability have made it yet another popular destination for out-of-state relocators.
Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.
