Luxury Homes Exceed $1 Million in Nearly All Major U.S. Metro Areas

Purchasing a luxury home priced under $1 million is becoming increasingly rare across the 50 largest metropolitan areas in the United States. Properties classified in the top 5 percent by sale price now exceed the million-dollar mark in all but seven of these major markets.

An analysis comparing median luxury home prices from February to April between 2013 and 2025 reveals a significant shift. In 2013, 35 metropolitan areas had median luxury home prices below $1 million. This number dropped to 30 by 2020, influenced in part by historically low mortgage rates during the early 2020s that spurred demand, tightened inventory, and pushed prices higher. By 2025, only seven metros remained where luxury homes were priced under $1 million.

Among the more affordable markets, Detroit topped the list with a median luxury home price of $753,851, approximately 44 percent below the national average. Other cities with relatively accessible luxury homes included Cleveland, Pittsburgh, and Indianapolis.

Buyers in these cities often find historic residences featuring spacious lots and upscale finishes, frequently situated in walkable, tree-lined neighborhoods. These homes come at a fraction of the cost compared to comparable properties in pricier urban centers such as San Francisco or New York.

At the high end of the spectrum, San Francisco remains the most expensive metro area for luxury homes, with median prices exceeding $6 million. California cities San Jose and Anaheim follow closely, while Miami and New York complete the top five most costly markets.

Despite differences in cost, luxury home prices have risen substantially across all markets. Over the last decade, Detroit has seen an 81 percent increase in median luxury home prices, and even in the seven metros where prices remain below $1 million, growth of at least 52 percent has been recorded.