While people have different definitions for luxury, the word typically elicits extravagance, grandeur, and exclusivity. And in the housing market, it usually prompts visions of a massive mansion dripping with amenities.
But the definition of today’s luxury housing is changing, according to 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 leaning into the trend of understated “quiet luxury” when purchasing a home.
“Quiet luxury is luxury that makes you happy,” she continued. “Luxury in your face might be spitting it out to the rest of the world.”
“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 are still high.
Quiet luxury is also about where you buy. While the major luxury housing markets include the Hamptons, New York City, Los Angeles, Miami, Palm Beach, and Dallas, there are several emerging markets now on the radar.
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 and 20% of homes have received multiple offers.
Park City, Utah, has also become a popular destination to buy a luxury home, particularly for people seeking a skiing destination, Liebman said—and it’s easier to get to than Aspen via a commercial flight.
A version of this story was published on Fortune.com on September 9, 2025.
