Realtor.com selected five areas as the fastest growing luxury markets in the country. Each market is far from the maddening crowd yet still accessible to urban areas.
Pandemic Redefined Luxury
The COVID pandemic has inspired many of us to redefine our habits and expectations in ways we could not have imagined just a few years ago.
One of those pandemic-inspired redefinitions is how we look at and what we’d like from “luxury living.”
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The most commonly agreed upon elements of luxury living include living in, among and engaging with nature; living in less densely populated areas; and living in properties with more square footage inside and out.
Fastest Growing Luxury Markets in the US, according to Realtor.com
Realtor.com has identified five luxury areas in the country that appear to embody our current redefinition of luxury living: nature, fewer neighbors, more square footage.
The top 5% of homes in each of these areas have appreciated the most year-over-year.
#5 – Green County GA – median home price of $3.2M, an increase of +54.4% y/y
Located equally distant from Atlanta and Augusta, Green County can thank the Georgia Power Utility company for creating the Oconee Lake in the 1970’s. This reservoir offers 19,000 acres of water, 374 miles of shoreline and 7,400 acres within the Oconee Wildlife Management Area for residents and visitors to explore, hike, swim, fish, board, boat and ski. Golf is immediately available in the area at premier golf destinations designed by legendary architects such as Cup, Nicklaus, Fazio and Jones.
#4 – Leelanau County MI – median home price of $3.1M, an increase of +55% y/y
Leelanau County has the second-highest proportion of water area of any county in the US, behind only Keweenaw County, also in MI. Its Sleeping Bear Dunes National Lakeshore was voted “The Most Beautiful Place in America” by Good Morning America. Not only is Leelanau County home to ocean bluffs and lakes, it is also a county rich in vineyards and wine tastings.
#3 Putnam County GA – median home price of $2.1M, an increase of +57% y/y
Putnam County GA, located 75-miles southeast of Atlanta, has transitioned from its agricultural past to become an important center of tourism and recreation in Georgia. Lake Sinclair, created as was Lake Oconee by the Georgia Utility Company, offers residents and visitors opportunities to fish, swim, bike, hike, and camp. Golfing at the Jack Niklaus-designed Great Waters Course at Reynolds Plantation is a pleasure.
#2 Garrett County MD – median home price of $2.1M, an increase of +57% y/y
Garrett County is home to Maryland’s highest peak, largest fresh-water lake and highest free-falling waterfall. Deep Creek Lake offers swimming, boating, canoeing, kayaking and tubing in the spring/summer/fall months and ice fishing in the winter. Rock climbing, hiking and biking opportunities abound. Skiing, tubing, snowmobiling and golfing are also easily available.
#1 Teton County ID – median home price of $2.8M, an increase of +71% y/y
Teton County ID contains 40.4% of Yellowstone National Park’s total area, including 96.6% of its water area largely in Yellowstone Lake. Yellowstone Teton Territory has world-class outdoor opportunities and breathtaking mountain scenery. This territory is truly one of the most beautiful in the world. Teton County also has abundant arts and cultural offerings, breweries and beer festivals, performances and dining opportunities.
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Thanks to Realtor.com and MansionGlobal.