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New York City, for example, where the virus was widespread in the early spring, saw an exodus of residents to nearby suburbs – which drove up searches for pricey second homes.
As previously reported by FOX Business, searches for million-dollar homes rose by 7.3% year over year in May, outpacing pre-pandemic growth. That compares with April when the same queries were down nearly 10% compared with the year prior.
The migration from densely populated urban areas to the suburbs was largely driven by the need for private property and space.
Here’s a look at the top luxury vacation destinations, according to a report from New World Wealth and Webster Pacific, ranked by most expensive home listings, presence of luxury retail and the number of luxury clubs and resorts.
The Hamptons, a popular Long Island retreat for wealthy Manhattanites, has the highest number of pricey property listings, or homes valued at more than $5 million.
As previously reported by FOX Business, property prices in the area may increase even further. In the early spring, amid a wave of “panic” renting and buying, inventory was scarce and resulted in upper-middle class residents being priced out.
When inventory in the Hamptons dried up due to ravenous demand, many Manhattanites began to look in suburbs along Long Island’s “Gold Coast.”
While Aspen – a popular ski destination – has the second-highest number of homes listed at more than $5 million, it ranks sixth for luxury clubs and resorts and third for luxury retail.
Palm Beach, Florida
Palm Beach has the third highest number of luxury resorts and clubs, including President Trump’s Mar-a-Lago, and it ranks second in luxury retail.
Palm Beach is notorious for housing ultra-wealthy residents.
Trump made headlines last year for changing his residency from New York to Florida, where his family also has a home in Palm Beach.
Florida is a popular destination for New Yorkers who are looking to escape the state’s onerous tax burdens.
Rounding out the top 10 are:
Jackson Hole, Wyoming
Park City, Utah
Beaver Creek, Colorado
Palm Springs, California
Lake Tahoe, California