Inside the Hidden-Gem Markets Where Million-Dollar Listings Are Surging

While coastal enclaves and elite ski towns have become synonymous with high-end living, a dozen "under-the-radar" markets—primarily across the South and West—are rapidly emerging as the new frontiers of luxury. 

Realtor.com® economists analyzed the latest housing data to identify the hidden-gem markets where luxury may not be the norm just yet, but where elite inventory is rapidly gaining ground. Their findings are outlined in the April 2026 luxury report.

Some markets on the list, such as Santa Fe, NM, and Hilton Head Island, SC, already have established luxury identities but are experiencing a second wind of growth. Meanwhile, dark horses such as  Fayetteville, AR, and Knoxville, TN, are quietly becoming the nation's newest wealth hubs. 

Million-dollar listings accounted for 13.5% of the U.S. market in April—ticking up just 0.6% year over year.

By contrast, the 12 emerging luxury hot spots highlighted in the report are playing by different rules. In 11 of these markets, the surge in luxury inventory—the top 10% of the market—obliterated the national level, led by Fayetteville's staggering 37.7% year-over-year surge. 

Realtor.com senior economist Anthony Smith says an analysis of new-construction data reveals that the metros with the fastest-growing luxury listing counts tend to be builder-driven, with Fayetteville boasting the highest share of high-end new development, at 41.3%, followed by Provo, UT (36.8%), and Durham, NC (30.3%).

Meanwhile, markets lower on the list, such as Hilton Head Island, Portland, ME, and St. George, UT, all posted new-construction shares well below front-runners such as Fayetteville and Provo.

Smith says this divergence suggests that the luxury tier in these markets is anchored by the appreciation of existing properties, often with the aid of upgrades and renovations.

"Both dynamics can signal emerging luxury momentum, but they point to different underlying drivers," says the economist.

To create the list, researchers included only metros where the average monthly count of million-dollar-plus listings over the past 12 months stood between 200 and 500, the median listing price remained below $1 million, and at least 10% of all active listings were priced at $1 million or above. Markets were then ranked by year-over-year growth in million-dollar-plus listing count.

1. Fayetteville, AR

Luxury entry price: $1.017 million

Million-dollar listing count year over year: 37.7%

Share of million-dollar listings: 10.6%

The Fayetteville metro, which includes the University of Arkansas and Walmart's headquarters in neighborhing Bentonville, leads the emerging luxury list with a 37.7% year-over-year increase in million-dollar listings, averaging 288 such properties over the past 12 months.

A typical entry-level luxury home in Fayetteville starts at $1.02 million, which is below the national luxury threshold of $1.27 million. Million-dollar listings account for 10.6% of the metro's market, with new construction being the main engine fueling the growth to meet new demand for elite properties.

"The region's luxury expansion tracks the broader economic development of Northwest Arkansas," says Smith. "Major corporate headquarters, along with a growing technology and logistics corridor, have steadily elevated the top end of the local market."

2. Durham, NC

Luxury entry price: $1.24 million

Million-dollar listing count year over year: 23.7%

Share of million-dollar listings: 16.1%

Recognized as a top educational and research hub anchored by Duke University, the Durham-Chapel Hill metro posted 23.7% year-over-year growth in million-dollar listings. Seven-figure listings in Durham account for over 16% of the market, among the higher readings on the list. This level, Smith says, is consistent with a location that has been steadily deepening its elite inventory.

Durham is recognized as a key component of the Research Triangle—North Carolina's prestigious technology and education hub, anchored by Duke University, UNC-Chapel Hill, and NC State University— and further bolstered by major healthcare and life sciences employers drawing a stream of high-income households to the area.

"The broader Triangle region has been one of the more compelling luxury growth stories in the Southeast, with buyers finding a market where new construction, established neighborhoods, and institutional employment converge," notes Smith.

Durham-Chapel Hill has been expanding its luxury inventory through both newer subdivisions and the renovation of older properties located near the city center.

Three out of 10 luxury listings in Durham are new builds, reflecting the metro's ongoing momentum as an emerging elite market.

3. Santa Fe, NM

Luxury entry price: $2.73 million

Million-dollar listing count year over year: 20.7%

Share of million-dollar listings: 40.3%

Unlike Fayetteville or Durham, Santa Fe—America's oldest state capital—is a well-established luxury market that earned its place on the emerging markets list because its million-dollar inventory is seeing a fresh momentum, surging nearly 21% year over year.

Smith points out that the metro's growth in million-dollar listings does not necessarily indicate softening demand, considering that listing prices for the top 10% of homes are up 1.8% from last year, outpacing the national trend.

With million-dollar homes accounting for more than 40% of properties and a 90th-percentile entry point of $2.74 million, Santa Fe is a mature luxury market in its own right.

Earlier this month, Santa Fe surged to the top of the Wall Street Journal/Realtor.com Spring 2026 Luxury Rankings thanks to its winning combination of low property tax rates, climate resilience, and a variety of lifestyle perks.

4. Colorado Springs, CO

Luxury entry price: $1.003 million

Million-dollar listing count year over year: 17.8%

Share of million-dollar listings: 10.4%

Colorado Springs stands out for its high quality of life, offering residents over 300 days of sunshine a year, better affordability compared to Denver, and access to 135 miles of park trails. 

Additionally, the metro has a strong job market driven by aerospace, technology, and tourism industries.

The typical entry-level luxury home for sale starts at $1,003,000, the lowest entry price on the list, and seven-figure listings account for 10.4% of the market.  

Since April 2025, Colorado Springs’ million-dollar listing count has grown nearly 18% thanks to a combination of new construction and the appreciation of existing homes.  

5. Knoxville, TN

Luxury entry price: $1.02 million

Million-dollar listing count year over year: 16%

Share of million-dollar listings: 10.3%

Regina Santore, a real estate agent at Wallace Real Estate in Knoxville, tells Realtor.com that Knoxville and greater East Tennessee have long attracted retirees—among them many high net worth individuals—due to a lower cost of living, no state income tax, the area's stunning natural beauty and outdoor life, and a pleasant four-season climate.

Over the past year, Knoxville's million-dollar listing count increased 16%, with Santore attributing this trend to a large-scale demographic shift that is currently underway.

"The eldest baby boomers turned 80 this year. This giant generation is the most likely to have purchased multiple luxury properties due to their accumulated wealth," she says. "They are now planning for their final years, divesting most or all of their real estate holdings. Some are downsizing, while others are choosing to move to retirement communities. This trend will become apparent nationwide."

In addition to being a high-end retirement destination, Santore adds that during the COVID-19 pandemic, Knoxville's housing boom caused its land values to skyrocket.

"Builders had to pay a high price for buildable land and thus could not make a worthwhile profit by building basic homes for average prices," says the agent. "They built higher-priced homes instead."

Santore says that the most sought-after luxury properties are those featuring rare amenities, such as deep-water boat slips, stunning mountain or water views, and large, usable acreage. She says these listings command premium prices, sometimes resulting in bidding wars and offers over asking.

"Luxury buyers currently have an excellent selection of homes to choose from, and do not need to consider properties requiring substantial updating," notes Santore.

6. Asheville, NC

Luxury entry price: $1.49 million

Million-dollar listing count year over year: 8.9%

Share of million-dollar listings: 18.1%

Nestled in the Blue Ridge Mountains, Asheville has long been a destination for people who prioritize lifestyle and outdoor activities over the hustle and bustle of a big city. 

The metro’s economy is driven by tourism and a burgeoning healthcare sector centered around Mission Health. 

Asheville punches well above its weight in the dining category, boasting more breweries per capita than any other city, earning it the nickname "Beer City USA," and offering a wide selection of farm-to-table restaurants. 

7. Provo, UT

Luxury entry price: $1.29 million

Million-dollar listing count year over year: 8.8%

Share of million-dollar listings: 15.3%

Located between Utah Lake and the Wasatch Range, Provo is a hub for tech jobs as part of "Silicon Slopes"—Utah's answer to California's Silicon Valley. The metro is also home to Brigham Young University, offering students a high-quality education.

The city is known for its safe, family-friendly environment and access to hiking, biking, and skiing in the Wasatch Mountains. 

8. Kiryas Joel-Poughkeepsie, NY

Luxury entry price: $1.29 million

Million-dollar listing count year over year: 6.7%

Share of million-dollar listings: 14.3%

The Kiryas Joel-Poughkeepsie metro stretches from Orange County in the south through Dutchess County to the mid-Hudson Valley. Many of the area's priciest listings can be found in the quieter communities of the interior and river corridor that have long attracted buyers seeking privacy, acreage, and Hudson Valley charm.

New construction accounts for less than 13% of the metro's luxury listings, reflecting a market where the value is more rooted in legacy estates and land than in new development.

9. St. George, UT

Luxury entry price: $1.5 million

Million-dollar listing count year over year: 6.4%

Share of million-dollar listings: 22%

Located directly on the Utah-Arizona border, St. George is a fast-growing city with a booming tech sector fueling its economy. 

The community is recognized for its safety, small-town charm, and access to year-round outdoor activities in Zion National Park and Snow Canyon State Park. 

10. Savannah, GA

Luxury entry price: $1.03 million

Million-dollar listing count year over year: 4.5%

Share of million-dollar listings: 10.4%

Savannah is best known for its rich history reflected in its 18th-century Southern architecture, cobblestoned streets, and picturesque town squares. 

Residents enjoy a high quality of life combined with a low cost of living; a strong economy revolving around logistics, aerospace, and tourism; proximity to beaches; and a diverse culinary scene. 

11. Hilton Head Island, SC

Luxury entry price: $1.97 million

Million-dollar listing count year over year: 1%

Share of million-dollar listings: 22.5%

Hilton Head Island offers a family-friendly vacation lifestyle with pristine beaches, 64 miles of bike paths, and more than two dozen world-class golf courses.

On the downside, the island is a popular tourist destination in the summer, leading to an influx of seasonal visitors and increased traffic. 

With an entry-level luxury price of $1.97 million, Hilton Head is the second-most expensive metro on the list of emerging luxury markets, with seven-figure properties commanding more than 22% of local listings. 

12. Portland, ME

Luxury entry price: $1.65 million

Million-dollar listing count year over year: 0.4%

Share of million-dollar listings: 21.4%

Portland residents enjoy coastal beauty and a vibrant culture, complete with a top-rated culinary scene, plenty of outdoor recreation opportunities with beaches and mountains, and a rich coastal history.

While the city has a bustling job market anchored in healthcare, education, and a growing tech sector, its housing market is highly competitive and the cost of living is high.