Top U.S. Cities Where Affluent Home Buyers Can Snag a Deal This Fall

An opportunity could be on the horizon for those who deferred a home purchase in some of the luxury real estate markets that boomed during the pandemic as demand falls.

Among them, the Miami and Naples areas of Florida; urban Honolulu; and Santa Fe, New Mexico, could be among the best luxury markets in the U.S. for buyers this fall, according to data Realtor.com provided to Mansion Global. The data was staked on a combination of falling luxury median price points, which indicate markets that are softening and where buyers could potentially score a deal; a shift in median days on market; and page views, with fewer views indicating less demand.

“We see that these higher-priced markets are seeing falling demand,” said Hannah Jones, senior economic research analyst at Realtor.com . “And so for buyers who do have access to the capital that they could purchase in one of these markets, they may find more flexibility than in some of the markets that are lower priced and are still seeing a ton of competition.”

Read on for where the opportunity lies and advice in those markets from real estate agents on the ground.

Miami, Fort Lauderdale and Pompano Beach, Florida

Buyers who couldn’t get enough of the sandy shores of this trio of South Florida cities during the pandemic have largely backed off, making it the No. 1 destination for luxury buyers this fall.

The luxury median listing price in Miami, Fort Lauderdale and Pompano Beach was down 22% to $2.5 million in the second quarter. Between June 2023 and June 2024, the median days on market for luxury listings rose five days and in the same time page views of luxury properties on Realtor.com fell a whopping 44%.

Mick Duchon, a Miami-based agent with Corcoran, said that some sellers who were stuck in the high-price mindset of 2021 and part of 2022 are starting to come around, meaning there are still properties out there with a listing price ripe for an adjustment. He said it’s an opportunity for people who have been waiting on the sidelines.

Case in point, Duchon was working with a buyer on a penthouse apartment in the South of Fifth neighbourhood in the summer of 2022, when the market had just started to adjust from its pandemic highs. After approaching the seller with a deal and agreeing on it, the buyer decided to wait. undefined undefined “Two years later, we transacted at 15% below that initial contract price,” on the same penthouse with the same buyer and seller, he said.

He added, “If buyers are basing their offers on what has transacted recently, then they should be able to achieve a solid deal.”

Honolulu

Realtor.com found that the median luxury listing price in Honolulu fell nearly 10% to $2.34 million in the second quarter. In June, the median days on market for luxury listings fell 11 days compared to a year ago, while in the same time frame, luxury page views fell 31%, indicating less interest, making Honolulu the No. 2 market for buyers this fall.

Noel Shaw, an agent with Hawai’i Life Real Estate Brokers Forbes Global Properties, said the peak Covid rush to Honolulu has abated somewhat, but other buyers who decided to change their lifestyle and move there as part of their 10-year plan are still trickling in. It’s keeping competition up for those mid-tier luxury listings and makes it imperative to work with an agent who knows the city like the back of their hand. (Shaw grew up in Honolulu, and said the quality of real estate varies block by block.)

“This is an island, the city’s very limited so we still have a limited supply,” she said. “So while there are going to be some great deals within the city, it’s not going to be as easy or obvious as other cities.” undefined undefined The listings luxury buyers should keep an eye out for are the top-tier properties of Japanese sellers, she said. Honolulu is a prestigious second-home market for Asians, Shaw said, but the weakness of the yen right now means that some Japanese owners may choose to sell and convert their funds back to yen. Those prized properties, which are rare in Honolulu because of the constraints on inventory, are the extra sweet spot for luxury buyers looking for top-of-the-line properties these days, she said.

Naples-Marco Island, Florida

The market frenzy has quelled in this Gulf Shore slice of Florida, with the luxury median listing price down 18% to $4 million in the second quarter. The median days on market over the year ending June is the same as the year prior, at 85, but page views on luxury properties are down over 11% in the same time period, bringing the Naples-Marco Island metro into the No. 3 spot. undefined undefined “We’re over the Covid mania, where people came and purchased properties at any price,” said Celine Wells, an agent with Douglas Elliman. “What we’re seeing now is less volume of sales, but very strong sales.”

For potential buyers, “patience is a virtue,” said Chris Wells, Celine’s business partner and husband. Chris added it’s important to have knowledge of the market so you can act quickly when a particularly interesting property comes to market. Most transactions happen in cash, with mortgages brought into the picture post-closing, he said.

He added, “A nice deposit, a quick closing, a cash deal, a short due-diligence period—these are things that help a buyer get the property they desire.”

Mick Duchon, a Miami-based agent with Corcoran, said that some sellers who were stuck in the high-price mindset of 2021.
Pixabay

Santa Fe, New Mexico The Sunbelt and Mountain West experienced huge demand in recent years, and the small in-between market of Santa Fe was not immune to that.

Unlike the other cities on this list, demand is still up there, with luxury page views surging nearly 7% and luxury median days on market falling 33 days, to 86, between June 2023 and June 2024. Prices, however, are trending down, with the luxury median listing price having fallen nearly 14% to $2.98 million from April to June. All together, it makes Santa Fe the fourth-best market for luxury buyers this fall. undefined undefined “People are still wanting to come here. Santa Fe is still very, very desirable,” said Ricky Allen of Sotheby’s International Realty – Santa Fe Brokerage. “They’re coming for the size of the city, the climate, the culture, the lifestyle. … I think it’s a good time to be a buyer.” undefined undefined Allen suggested that buyers see as many properties as possible that check most of their boxes. “You never know what those properties are going to end up selling at,” he added.

(Mansion Global is owned by Dow Jones. Both Dow Jones and Realtor.com are owned by News Corp.)

This article was originally published on Mansion Global.

Greenwich, Connecticut, is in New England (just barely), but that doesn’t mean it’s a quaint, sleepy small town with covered bridges and white churches on the green.

It’s leafy, certainly, but it’s also a luxury-minded power centre close to New York City, with many celebrity residents (director Ron Howard, singer Diana Ross, actor Meryl Streep and, at one time, Australia’s own Mel Gibson).

The main shopping street, Greenwich Avenue, is home to brand stores such as Hermès, Kate Spade, Saks Fifth Avenue, and Tiffany & Co.

And Greenwich, particularly in the “back country” north of the Merritt Parkway, is host to some of the most exclusive real estate in the world.

The average price for a single-family home in the second quarter of 2025 was USD $3.25 million (AUD $4.9 million). But that’s merely an entry point, buying a smaller home in one of the town’s less desirable neighbourhoods.

What does USD $43 million (AUD $66 million) buy in Greenwich?

Last autumn’s most expensive listing offered a 1,068-square-metre waterfront home with eight bedrooms and 11 bathrooms, plus “Gatsby-like lawns”, a gym, games room, party room, wine cellar, fruit orchard, pool and spa. The front and side porches have heated floors.

Prefer something more traditional and secluded? For USD $33 million (AUD $50 million), buyers could close on an 11,760-square-metre Georgian manor on 3.2 hectares, featuring eight fireplaces, an elevator, and a dumbwaiter.

The first floor features a three-storey cascading chandelier. For bibliophiles, there’s a two-storey mahogany library. If bocce is more your pace, a similar USD $25 million compound on 7.5 hectares, built for a liquor magnate in 2009, may appeal. Fourteen bathrooms should suffice.

The Greenwich market is strong, but not without challenges.

“The big problem is that there’s no inventory,” said Evangela Brock, an agent with Douglas Elliman. “It’s extremely low at all price points.”

In November, just 15 properties under USD $1 million (AUD $1.52 million) were listed without contracts, compared with 23 above USD $10 million (AUD $15.2 million). Of those, six had contracts pending. Greenwich has more than 17,000 single-family homes.

Kanebridge Quarterly toured two mid-priced houses in Greenwich. “You don’t lose money in Greenwich real estate,” said Beth MacGillivray, a realtor with the Higgins Group. “This is the hot spot.”

MacGillivray opened the door to a 733.9-square-metre Georgian colonial in the Sherwood Farms Association development her family built in 2005. The house was expected to sell for about USD $5 million (AUD $7,743,535).

The six-bedroom, four-level house is move-in ready, with staged furniture showing its potential and many of the amenities that buyers in this range expect.

Visitors enter through a two-storey foyer with a marble floor. A circular staircase leads to an airy living room with double-height ceilings.

There’s a main bedroom with his-and-hers bathrooms, a cherry-panelled library with cigar-smoke venting, five fireplaces, and a state-of-the-art kitchen with a breakfast nook by Greenwich-based designer Christopher Peacock.

Most rooms have huge walk-in wardrobes. Even the laundry room has granite countertops. Custom millwork, cabinetry and fixtures are evident throughout.

The drawbacks? A smaller yard and no pool. Still, refugees from the city would marvel at the abundant interior space.

Not far away, an entirely different house was on the market for USD $2.66 million.

The imposing 696.7-square-metre, nine-bedroom, seven-bath Georgian/Federal home on Shady Lane in the Glenville neighbourhood was built in 1900. Its good bones and inherent grandeur were apparent, as was a clear need for updating.

“It’s a good project for someone,” said realtor Kaori Higgins. “It needs the right buyer, someone who is looking to return it to its stately original condition.”

Given the hot market, some buyers may be tempted to tear it down and build anew.

But the house is filled with charming period details, including hand-built stone fireplaces, reading nooks, pocket doors, leaded windows and beautiful original millwork.

The second floor offers a vast veranda with views of Long Island Sound and a built-in swimming pool.

The drawbacks? Bathrooms that were awkwardly redesigned in the 1970s, unsightly flooring on the upper levels, and crumbling exterior elements.

Higgins noted that a nearby sister property, fully renovated, sold for USD $11 million (AUD $17 million). Any buyer of Shady Lane’s faded elegance would need both imagination and deep pockets.

For contrast, Kanebridge Quarterly left Greenwich for nearby Fairfield’s upscale Greenfield Hill neighbourhood to visit Lion’s Gate, a 595 square metre Tudor Revival home built as a modest dwelling in the 1920s but extensively expanded and remodelled in 2000.

With three acres of land, a guest cottage, an artist’s studio and a pool house, the asking price is USD $3.3 million (AUD $5 million). Like the Sherwood home, Lion’s Gate is flawlessly move-in ready, with designer touches throughout.

The entire second floor was added during the renovation and features parquet flooring, a massive main suite, arched doorways and 2.74-metre ceilings.

Many rooms include walk-in wardrobes, extensive carved millwork and built-ins. The wood-panelled library (on the site of the former stable) is warm and inviting.

The expansive kitchen includes a window seat with a hand-painted ceiling, a wine cooler and a butler’s pantry.

Realtor Lorelei Atwood said Fairfield faces the same inventory shortage as Greenwich.

“Demand is growing as more New York-based executives are being told they have to report to the office,” she said. “Fairfield has always been a commuter town.”

Why is this home USD $3.3 million (AUD $5 million), and the Sherwood property around USD $5 million (AUD $7,743,535)?

Location. Greenfield Hill is lovely, but Greenwich real estate occupies a rarefied class of its own.

Note: Thanks to realtor Sherri Steeneck for chaperoning.

This story appeared in the Autumn issue of Kanebridge Quarterly, which you can buy here.

Top U.S. Cities Where Affluent Home Buyers Can Snag a Deal This Fall

A haven for hedge-fund titans and Hollywood grandees, Greenwich is one of the world’s most expensive residential enclaves, where eye-watering prices meet unapologetic grandeur.