A Look at Wealth 2020: New Affluent Trailblazers

Affluent Relocation Index

Priorities have been realigned.


2020 will be remembered as an unprecedented year. Priorities have realigned toward home, family, health, and wellness due to the pandemic. These profound lifestyle changes, combined with other factors such as increasing numbers of people teleworking, have led to a U.S. luxury real estate boom and a migration of wealth to new markets.

In past reports, we have focused on traditional demographic classifications, such as net worth or age. But 2020 has ushered in new affluent demographics. We’re calling them trailblazers because they are charting a new path forward, choosing housing locations based on family, health or lifestyle reasons, rather than being close to business or work. They are turning their attention away from cities and relocating to small town hidden gems, suburbs and popular second home destinations. Many of these trends were already underway prior to the start of 2020; the pandemic simply accelerated them. 

These trailblazers are looking at the following criteria when considering their relocation destination:

  • Property size
  • Property Amenities
  • Close to Nature/Outdoors
  • Privacy
  • Safe Environment
  • Hobbies or Lifestyle Considerations
  • Cost of Living
  • Driveabilty/ Accessibility (freeways, airports)
  • Proximity to workplace
  • Access to Luxury Amenities
  • Schools
  • Health
Market Statistics Emmet County Residential
Date Range 01/01/2020-12/31/2020, County Emmet; As Of: 2/9/2021
Current ActiveAvg List PriceAvg DOM 
Total ListedNum SoldPct SoldAvg List Price SoldAvg Sale Price SoldSale Price/List Price RatioAvg DOM SoldAvg List Price UnsoldPct Expired 

Emmet County market data shows the average list price at $975,882 for 2020.

According to Coldwell Banker Global Luxury standards, a home in Emmet County is considered luxury at a minimum price threshold of $500,000.

Filtering for homes listed above $500,000, the Northern Michigan MLS data (MLS, 2021) shows that there were 183 residential sales. Of those, 113 sales took place within an association.

The majority of these sales took place in Harbor Springs, Petoskey and Bay Harbor.

Emmet County 2020 Equalization Report

Taking a dive into the 2020 Emmet County Report of Assessment Roll Changes and Classification (L-4022) (GIS, 2020), there were 26,295 residential parcels with a total value of $3,603,058,998 to the county.

The highest assessed values were in the townships of Bear Creek, Resort, Little Traverse, West Traverse, and the cities of Harbor Springs and Petoskey, as expected.

Assessed values in these municipalities increased.

BEAR CREEK$600,708,000$618,584,3002.98%
LITTLE TRAVERSE$456,103,550$513,169,05012.51%
WEST TRAVERSE$423,725,900$459,404,2508.42%
HARBOR SPRINGS$339,883,500$369,836,4508.81%

(Coldwell Banker Global Luxury)

(GIS, 2020)

(MLS, 2021)

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