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AUSTIN, Texas, Sept. 30, 2025 /PRNewswire/ -- A million-dollar home used to be the epitome of luxury, but Realtor.com®'s new What is Luxury Report shows that the luxury threshold has risen from $796,922 in 2016 to about $1.3 million today. While a $1 million home was comfortably above the luxury bar in 2016, buyers now need to spend closer to $1.6 million to reach that same level of luxury status.
"While a million-dollar home still represents an important benchmark, it's not the luxury marker that it once was nationwide and in many markets," said Danielle Hale, chief economist at Realtor.com®. "With or without a seven-figure price tag, luxury is often about exclusivity and relative standing in a local market. In many areas a high-end home can rise many multiples above the area's typical home price. Further, with a dramatic rise in home prices, Realtor.com® data shows just how dramatically the definition of luxury has shifted over the past decade."
The New Luxury Benchmarks
Luxury isn't a fixed price point, that's why Realtor.com®'s report defines it by the share of the most expensive homes, both nationwide and in each market. Nationally, a $1 million listing used to sit just below the top 5% of homes in 2016 and was still among the top 10% before the pandemic. Today, the thresholds look like this:
Nationwide, entry-level luxury homes are listed for nearly three times the median U.S. home price of $439,450 (July 2025), while high-end luxury prices start at nearly five times that, and ultra-luxury climbs to more than 12 times the typical home price.
Where Luxury Costs the Most: Coastal Markets Lead
Realtor.com®'s report identified both metro and micro areas across the country with the highest entry-level luxury prices, looking at markets with at least 500 active million-dollar listings in July 2025. While many of these areas are known for overall high housing costs, they also tend to feature wide-ranging real estate markets, where the gap between the typical home price and a luxury property is especially pronounced. Coastal enclaves and vacation havens dominate the nation's highest entry-level luxury prices.
Top 10 Metros With The Highest Entry-Level Luxury Home Prices (July 2025)
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Top 10 Metros by 90th |
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|
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|
Rank |
Area |
Metro or |
10% Most |
Million Dollar |
Multiple to |
|
1 |
Rifle, Colo |
Micro |
$16,475,000 |
515 |
9.7 |
|
2 |
Heber, Utah |
Micro |
$6,800,000 |
1,029 |
4.0 |
|
3 |
Key West-Key Largo, Fla |
Micro |
$4,500,000 |
713 |
2.7 |
|
4 |
Los Angeles-Long Beach- |
Metro |
$3,995,000 |
10,840 |
2.4 |
|
5 |
Bridgeport-Stamford-Danbury, |
Metro |
$3,950,000 |
587 |
2.3 |
|
6 |
Kahului-Wailuku, Hawaii |
Metro |
$3,900,000 |
724 |
2.3 |
|
7 |
Santa Rosa-Petaluma, Calif |
Metro |
$3,499,000 |
587 |
2.1 |
|
8 |
San Jose-Sunnyvale-Santa Clara, |
Metro |
$3,495,000 |
1,179 |
2.1 |
|
9 |
Barnstable Town, Mass |
Metro |
$3,495,000 |
561 |
2.1 |
|
10 |
Naples-Marco Island, Fla |
Metro |
$3,408,844 |
1,880 |
2.0 |
The New Luxury Landscape
Although $1 million no longer marks the entry to luxury, it remains a powerful psychological benchmark. Nationwide, million-dollar homes still make up only 13% of listings, and in metros long synonymous with upscale living, they are especially prevalent. These "staple" luxury markets consistently lead in million-dollar inventory – places where high-end living isn't an outlier, but rather the norm.
From California's coastal enclaves to wealth hubs in the Northeast, just 10 metros account for more than a third (36%) of all million-dollar listings nationwide. Their dominance underscores deep and sustained demand for premium real estate, fueled by international appeal, constrained land supply, and concentrations of high-paying jobs.
Top 10 Metros With The Most Million-Dollar Listings (July 2025)
|
Rank |
Area |
Metro or |
Million |
10% Most |
Share of |
Multiple to |
|
|
USA |
USA |
145,006 |
$1,249,990 |
13.2 % |
2.9 |
|
1 |
New York-Newark-Jersey City, |
Metro |
11,980 |
$2,887,829 |
33.7 % |
6.7 |
|
2 |
Los Angeles-Long Beach- |
Metro |
10,840 |
$3,995,000 |
53.7 % |
9.3 |
|
3 |
Miami-Fort Lauderdale-West |
Metro |
10,074 |
$2,087,674 |
20.9 % |
4.9 |
|
4 |
Seattle-Tacoma-Bellevue, Wash |
Metro |
3,147 |
$1,927,710 |
31.5 % |
4.5 |
|
5 |
Dallas-Fort Worth-Arlington, |
Metro |
2,998 |
$994,190 |
9.7 % |
2.3 |
|
6 |
San Diego-Chula Vista-Carlsbad, |
Metro |
2,849 |
$2,903,193 |
46.4 % |
6.8 |
|
7 |
San Francisco-Oakland-Fremont, |
Metro |
2,844 |
$2,649,775 |
45.0 % |
6.2 |
|
8 |
Boston-Cambridge-Newton, |
Metro |
2,546 |
$2,603,053 |
36.7 % |
6.1 |
|
9 |
Atlanta-Sandy Springs-Roswell, |
Metro |
2,485 |
$938,150 |
8.7 % |
2.2 |
|
10 |
Washington-Arlington-Alexandria, |
Metro |
2,457 |
$1,451,719 |
18.3 % |
3.4 |
Methodology
All data in this report are sourced from Realtor.com® listing trends as of August 2025, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, rowhomes, and co-ops. Listings reflect only those posted on MLS platforms that provide listing feeds to Realtor.com®. New construction listings are excluded unless actively listed on participating MLSs. Luxury segmentation is based on market-specific price percentiles, with the 90th percentile representing entry-level luxury, the 95th percentile marking high-end luxury, and the 99th percentile indicating ultra-luxury. All calculations are based on listing prices, not final sales prices.
Metropolitan and micropolitan areas are defined using the Office of Management and Budget's OMB-2023 delineations, with Claritas 2025 household estimates used for relative comparisons. Where appropriate, we limited analysis to metros or micros with a minimum threshold of active million-dollar listings to ensure meaningful comparisons. Historical listing trend data extends back to July 2016, but year-over-year comparisons in this report use July 2024 as the baseline.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Sara Wiskerchen, [email protected]
SOURCE Realtor.com
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