Utah named top five in global markets experiencing a “Luxury Renaissance”

PARK CITY, Utah — Last week, Sotheby’s International Realty’s Mid-Year Luxury Outlook Report was released, and Utah was named one of five global markets experiencing a “Luxury Renaissance”, alongside Saudi Arabia, India, Puerto Rico, and San Francisco. The feature highlights Utah’s growing appeal among high-net-worth buyers, citing strong economic fundamentals, lifestyle-driven demand, and a significant increase in ultra-luxury sales.

As part of the report, Utah’s real estate market was highlighted through expert commentary from Kerry Oman, a real estate advisor at Summit Sotheby’s, who shared direct insights into the trends driving Utah’s luxury real estate growth. Listing images from a $12.5M Salt Lake property (represented by Mark Overdevest and Jenny Overdevest, courtesy of Summit Sotheby’s International Realty) were also featured.

Salt Lake City was recently recognized as a “future wealth hub” in the Henley & Partners USA Wealth Report for 2024. The report credited the city’s momentum to its deep-rooted outdoor culture and reputation as one of the “least-stressed cities” in the nation. The Salt Lake Valley continues to gain traction among finance and tech start-ups seeking a base location that blends innovation and opportunity with a desirable lifestyle.

On Utah’s luxury market and ever-growing appeal, Oman remarked, “Utah has a tremendous economy, and people are coming here for diverse reasons,” he said, citing factors such as housing affordability, accessibility, year-round recreation, culture, the arts, strong educational institutions, and access to top-tier healthcare.

Being recognized as one of only five emerging luxury centers around the world comes as little surprise to those who call the Beehive State home. This global recognition underscores Utah’s appeal for homeownership and reinforces why Summit Sotheby’s International Realty remains the leading voice in one of the country’s most dynamic and growing luxury markets—Utah.

Read the Luxury Renaissance article and discover why Summit Sotheby’s International Realty is the definitive voice in Utah’s luxury real estate market.

Find the complete Luxury Outlook here: luxuryoutlook.com/2025-mid-year-luxury-outlook-report/