- Today’s luxury housing market is shifting from grand, opulent mansions toward “quiet luxury,” which emphasizes understated comfort, according to Pamela Liebman, CEO of The Corcoran Group. This trend includes smaller, high-end homes, with buyers favoring properties that offer meaningful features over sheer size or prestige.
While people may define luxury differently, the term typically evokes images of extravagance, grandeur, and exclusivity. In the housing market, this often conjures visions of a sprawling mansion packed with amenities.
But the definition of today’s luxury housing is evolving, says Pamela Liebman, CEO of The Corcoran Group, the real estate firm founded by Shark Tank star Barbara Corcoran in 1973. In fact, many wealthy buyers are embracing the trend of understated “quiet luxury” when purchasing a home.
“When it comes to home buying, quiet luxury doesn’t have to be the biggest estate on the block,” Liebman told Mansion Global. “It could be a place that brings you great joy, equipped with all your favorite features—like a beautiful porch where you sit and enjoy tea or a cocktail at the end of the day—rather than a major estate that everyone drives past and wonders who lives there.”
“Quiet luxury is luxury that makes you happy,” she continued. “In-your-face luxury might be about flaunting it to the world.”
In fact, a July report from vacation-home co-ownership platform Pacaso indicates that smaller homes are becoming more luxurious and gaining popularity among high net-worth individuals. U.S. Census Bureau data shows the average new-home size dropped from 2,314 square feet in Q4 2022 to 2,169 square feet in Q4 2024.
“Affluent buyers are prioritizing convenience and financial flexibility, seeking homes that require less maintenance without sacrificing those high-end finishes we all love,” according to Pacaso. Plus, they’re choosing smaller homes because they’re easier to purchase in cash instead of taking out a mortgage while rates remain high.
Where ‘quiet luxury’ buyers are looking
Quiet luxury also pertains to where you buy. While major luxury housing markets include the Hamptons, New York City, Los Angeles, Miami, Palm Beach, and Dallas, several emerging markets are now in focus.
On the West Coast, Liebman noted Sonoma County—specifically Healdsburg, Calif.—”is an interesting spot” where luxury home sales have surged 150% year-over-year, with 20% of homes receiving multiple offers.
According to [source], the average home price there is nearly $1.1 million, marking about a 17% increase over the past five years. As of late July, the average listing price exceeded $1.5 million. Sonoma County has become a hot spot for buyers from urban areas like San Francisco and Los Angeles, said Daniel Casabonne of Sotheby’s International Realty, due to its vineyard views and small-town vibe.
Park City, Utah, has also become a popular destination for luxury home purchases, particularly for those seeking a skiing destination, Liebman said—and it’s easier to reach via commercial flight than Aspen.
“Not everyone has a private plane,” she said. Still, the average home price in Park City is $1.5 million, according to [source]. Notably, the Park City new-construction luxury condo market has been growing, with median sales prices rising 23% in [timeframe] to $1.85 million, data from Park City [source] shows.
On the East Coast, Lake Burton, Ga.; Asheville, N.C.; parts of South Carolina; and Florida’s panhandle have also become popular among luxury homebuyers, Liebman said. In Lake Burton, many 2024 listings exceeded $5 million, and Mayfair International Realty recently [action] there.
Meanwhile, the luxury market in Florida’s panhandle continues to grow and [status]. Specifically, Inlet Beach, Santa Rosa Beach, and Destin are emerging as luxury markets, with new upscale beachfront properties boosting overall prices. Zillow reports the average home price in Inlet Beach is $1.7 million.
“Legacy destinations remain as timeless as ever, [but] Florida’s panhandle is solidifying its status as a favorite for vacationers,” Pacaso CEO and cofounder Austin Allison wrote in the company’s [report] on the top 20 luxury vacation home markets of 2024.
A version of this story originally appeared on [publication] on September 9, 2025.
More on luxury real estate:
- In a [context], buyers are requesting to ‘try before they buy’ and spending nights in multimillion-dollar mansions
- ‘There is no Mamdani effect’: [market update] following the mayoral election, countering forecasts of decline and exodus to Florida
- Real estate CEO describes the [trend]: a ‘return on ego’