High-End Homebuyers Should Look at These Secondary Markets

Major markets continue to see high demand and low inventory, but buyers may find hope in secondary markets and smaller cities. Inventory shortage has been a problem for the housing market for years, but now with the pandemic mixed in, prices are shooting up and inventory is going down. That’s why Realtor.com says high-end buyers seeking homes should turn to secondary markets, such as Naples, Fla. The Southeast coastal town offers 83.7 listings available for $1 million-plus per 10,000 households and 1,354 such listings in total. Although there are more reasonable prices and listings, these smaller cities are still seeing homes snatched up quickly.

Across the board, even metros with comparatively high supply levels are seeing inventory fly off the market, meaning that buyers looking to snap up deals may want to move quickly.

Other cities that had relatively high ratios of high-end listings—and therefore opportunities for interested buyers—include:

The Bridgeport-Stamford-Norwalk section of Connecticut, with 2,516 listings available for $1 million-plus, or 72.9 per 10,000 households, a 24.2% year-over-year drop in inventory.
Barnstable, Massachusetts, which had 69.2 luxury listings per 10,000 households and 667 in total, a 22.6% annual decline.
Kahului, Hawaii, which had 65.6 luxury listings per 10,000 households and 393 in total, a 17.2% decline.
Santa Barbara, California, which had 48.3 $1 million-plus listings per 10,000 households and 720 in total, a 13% yearly decline.

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