Big Cities Making Comeback in Luxury Rankings

Major US metros have shot up the list of hot, high-end housing markets.

Large US Metros Resurfacing in Luxury Rankings

In the third iteration of quarterly rankings by the Wall StreetJournal/Realtor.com Emerging Housing Markets Index, large metro areas are regaining their stature as highly valued and popular luxury destinations.

Danielle Hale, chief economist with Realtor.com, told MansionGlobal that, “We’re starting to see some improvements…in areas that, in many ways, are larger city areas.”

Two large metro areas made their upward moves into the top echelon of luxury rankings: Nashville moved into 2nd place from 5^th place in the last edition of the ranking, released in July, and Naples FL assumed the 5^th ranking from 17^th in Q2.

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San Francisco recorded the largest jump from 39^th to 24^th in this latest luxury rankings list.  Patrick Carlisle, chief market analyst with Compass, said, “All our market segments have gone crazy, but the luxury segment (in San Francisco) has probably gone the craziest.”

Dallas took 13^th place in Q3, climbing up 12 spots from 25^th in Q2.

Emerging Luxury Housing Markets, according to WallStreetJournal/Realtor.com

 Area                Q3 Rank             Q2 Rank             Rank Change

Santa Barbara        1                         1                         0

Nashville                2                         3                         1

Coeur d’Alene ID     3                         2                        -1

Salinas CA              4                         8                         4

Naples FL               5                         17                       12

Reno NV                 6                         3                         -3

Austin                     7                         7                         0

Sarasota FL             8                         12                       4

Provo-Orem UT        9                         21                      12

Salt Lake City          10                       10                       0

Hale said that large metros “fell out of favor” during the early part of the pandemic but “…now we’re seeing people getting more comfortable returning.”

Indicators Used to Determine Rankings

Realtor.com and TheWallStreetJournal used many indicators to help determine the rankings for its Emerging Housing Market Index.  Among these indicators were:

• Growth in supply and demand
• Median listing prices
• Unemployment
• Wages
• Cost of living measure
• Small businesses – numbers and types
• Amenities
• Share of foreign-born residents
• Quality of life metrics

Top-20 Emerging Housing Markets

The fall 2021 rankings of the top 20 emerging markets for both homeowners and investors alike from the 300 largest metro areas in the US include the following:

1. Elkhart-Goshen IN
2. Rapid City SD
3. Topeka KS
4. Raleigh NC
5. Jefferson City MO
6. Burlington NC
7. Coeur d’Alene ID
8. Eureka-Arcata-Fortuna CA
9. Johnson City TN
10. Huntsville AL
11. Colorado Springs CO
12. Fort Wayne IN
13. Manchester-Nashua NH
14. Kennewick-Richland WA
15. Decatur AL
16. Billings MY
17. North Point-Sarasota-Bradenton FL
18. Waco TX
19. Durham-Chapel Hill NC
20. Boulder CO

Thanks to WallStreetJournal/Realtor.com and MansionGlobal.