Coronavirus pandemic sparks growing interest in luxury homes

The market for luxury homes rebounded in strength last month, rapidly outpacing other market segments in both listing views and price growth, according to the latest Luxury Housing Report from

The report found that second home markets in particular were seeing a lot of attention from buyers, as they shift their attention away from dense, urban metros to smaller, less populated areas.

“Unlike prior downturns, the luxury market is leading the recovery,” said Danielle Hale,’s chief economist. “Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second home that is within driving distance from their primary residence.”

Three notable second-home markets were ranked in the top five overall luxury home markets in May: Suffolk County, New York, which is home to The Hamptons; Palm Springs in Riverside County, California; and Greenwich in Fairfield County, Connecticut. Those markets saw the largest jump in listing views in May, according to’s data, rising by 56% in The Hamptons, 28% in Palm Springs and 24% in Greenwich, compared to January 2020, just before the coronavirus pandemic.

In total, online views for luxury homes – those valued at a million dollars or more – rose by 7.3% compared to one year ago, outpacing the 6.2% growth the sector saw pre-pandemic. In addition, home price growth in the luxury segment is outpacing the rest of the market,’s report noted,

Housing shortages remain an obstacle that could stymie growth in the sector moving forward, however. Inventories of million-dollar listings fell 15.6% annually in May. However, luxury sellers are showing some signs of reemerging on the market with new listings, the report noted.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at

Recent Posts

3 Ways to Improve the Lending Process for Home Buyers

Buying a house is a transaction that’s often shrouded in mystery, with surprises at every…

6 mins ago

Can My Sister Get More Than Her Half of an Inherited House?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have…

19 mins ago

How Can I Make Free Money — 4 Easy Ways To Earn In The Time Of Inflation

Nowadays, everybody needs more money than they’re currently earning. Thanks to the peaks in inflation…

17 hours ago

Can You Avoid Capital Gains On the Sale of a Second Home?

You may plan on investing in a second home for personal or financial reasons. You…

1 day ago

What is a Realtor®?

Realtors and Real Estate Agents Are Not The Same When you are to entering the…

1 day ago

Engel & Völkers Launches Dedicated Professional Athlete Advisory Group

Engel & Völkers announced today the launch of its Professional Athlete Advisory Group with the…

2 days ago