Up-and-Coming Luxury Markets
The luxury market is no longer defined solely by price point. With the emergence of technologies and digital connectivity, luxury markets are also equated with walkability, accessibility, and lifestyle amenities. Here’s a look at some emerging cities in America with population growth, job opportunities, and a strong real estate market:
- Southeast Coastal Communities: As more people are turning their second vacation homes into their full-time homes, these communities have increased demand. For example, in Hilton Head Island, South Carolina, the MLS reported a transaction volume of $3.85 billion in 2017. It’s a sellers market because demand is high.
- Bozeman, Montana: With tech start-ups making their mark in the “Silicon Prairie,” job opportunity is high. Bozeman is one of the fastest growing non-metropolitan cities in America, and because of the outdoor amenities and job market, there’s an optimal work-life balance.
- Portsmouth, New Hampshire: The riverside city is experiencing high job growth and wage growth. In the beginning of this year, home inventory hit an all-time low, which is a testament to the city’s allure.
- Portland, Maine: Home sales have increased by 3.5% in Maine, and prices have increased by 10% this year alone. The seaside town offers a balance of city-life and small town living, and is ranked as one of the top 20 cities for entrepreneurs by livability.com.
- Brooklyn, New York: Brooklyn is among the most expensive neighborhoods in New York, with median sales prices at over $1 million. Along with the public transportation and many eateries, Brooklyn offers outdoor spaces. And, 88% of the population is under 65.
Overall, all of these markets have the commonality of a strong work-life balance, and opportunity to explore the outdoors.
For comments, questions or concerns, please contact Daniella Soloway
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