05/14/2026
Wow! Go Fayetteville 👏
Where Million-Dollar Listings Are Surging BY SNEJANA FARBEROV
MAY 12, 2026
While coastal enclaves, and elite ski towns have become synonymous with high-end living, a dozen "under-the-radar" markets—primarily across the South and West—are rapidly emerging as the new frontiers of luxury.
Realtor.com® economists analyzed the latest housing data to identify the hidden-gem markets where luxury may not be the norm just yet, but where elite inventory is rapidly gaining ground. Their findings are outlined in the April 2026 luxury report.
Some markets on the list, such as Santa Fe, NM, and Hilton Head Island, SC, already have established luxury identities but are experiencing a second wind of growth. Meanwhile, dark horses such as Fayetteville, AR, and Knoxville, TN, are quietly becoming the nation's newest wealth hubs.
Million-dollar listings accounted for 13.5% of the U.S. market in April—ticking up just 0.6% year over year.
By contrast, the 12 emerging luxury hot spots highlighted in the report are playing by different rules. In 11 of these markets, the surge in luxury inventory—the top 10% of the market—obliterated the national level, led by Fayetteville's staggering 37.7% year-over-year surge.
Realtor.com senior economist Anthony Smith says an analysis of new-construction data reveals that the metros with the fastest-growing luxury listing counts tend to be builder-driven, with Fayetteville boasting the highest share of high-end new development, at 41.3%,
1. Fayetteville, AR
Luxury entry price: $1.017 million
Million-dollar listing count year over year: 37.7%
Share of million-dollar listings: 10.6%
The Fayetteville metro, which includes the University of Arkansas and Walmart's headquarters in neighborhing Bentonville, leads the emerging luxury list with a 37.7% year-over-year increase in million-dollar listings, averaging 288 such properties over the past 12 months.
A typical entry-level luxury home in Fayetteville starts at $1.02 million, which is below the national luxury threshold of $1.27 million. Million-dollar listings account for 10.6% of the metro's market, with new construction being the main engine, fueling the growth to meet new demand for elite properties.
"The region's luxury expansion tracks the broader economic development of Northwest Arkansas," says Smith. "Major corporate headquarters, along with a growing technology and logistics corridor, have steadily elevated the top end of the local market.
