- The number of major cities where you can buy a luxury home for less than $1 million is down to 5 from 8 last year.
- Detroit is the most cost effective metro for luxury homes, with an average price of $719,252— 47.7% less than the common high-end home nationwide, $1,374,470.
- San Francisco is the most expensive, with a median price of over $6.6 million.
- High-end homes in Indianapolis, St. Louis and Columbus crossed the $1 million limit.
The typical luxury home costs less than $1 million in five of the top 49 most populated metros, down from eight in 2025.
The most inexpensive metro for purchasing a high-end home is Detroit, MI where the mean sale price for a luxury home was $719,252 in Might– 47.7% less than the typical high-end home nationwide.
That’s according to a Redfin analysis of home-sale price-tier data for the three months ending May 31, 2026. High-end homes are specified as those approximated to be in the leading 5% of their respective metro area based on costs of homes sold over a rolling 12-month duration.
“The Detroit location has a lot of lovely, high-end homes that are budget-friendly here, but would cost millions of dollars if they were in a significant coastal metro location,” Anne Loehr, Redfin Principal Agent, said. “I don’t understand how long it will last, specifically as we see more people moving here from the coasts.”
Detroit, Cleveland, Pittsburgh, Cincinnati and San Antonio Are the Only Significant Metros Where the Average Luxury Home Costs Less Than $1 Million
“Luxury home rates have actually continued to climb up due to the fact that wealthy buyers tend to be less constrained by home loan rates and more focused on finding the best property. The reality that only five significant cities still use a typical high-end home for under $1 million programs just how much the high-end market has valued over the last few years. For buyers seeking to get into the luxury segment, those markets remain a few of the few places where a seven-figure spending plan isn’t yet the price of admission,” Yingqi Xu, Redfin Senior citizen Economist, stated.
Luxury Prices in Indianapolis, St. Louis and Columbus Cross the $1 Million Mark
Quick home cost growth pressed Indianapolis and St. Louis throughout the $1 million threshold, having seen high-end home rates increase 9% and 10.9%, respectively, over the previous year. The normal high-end home in Indianapolis now costs $1,009,314; in St. Louis, it costs $1,028,596.
In Columbus, luxury home costs grew at a slower pace, up 2.9% year over year, reaching $1,017,342 in May.
Nationwide, the median high-end home sale price is $1,374,470, up 4.7% from last year.
The 5 Significant U.S. Metros Where You Can Still Purchase a Luxury Home For Less Than $1 Million, May 2026
| Ranking | Metro location | Luxury typical home sale price (2026 ) | High-end mean home price (YoY) |
| 1. | Detroit, MI | $719,252 | -1.0% |
| 2. | Cleveland, OH | $833,228 | 11% |
| 3. | Pittsburgh, PA | $904,202 | 6.1% |
| 4. | Cincinnati, OH | $952,523 | 0.3% |
| 5. | San Antonio, TX | $968,344 | 5.1% |
| This report is based on a Redfin analysis of MLS information that goes through revision. All figures cover a three month period ending in May 2026. Redfin specifies luxury homes as those approximated to be in the top 5% of their metro location’s cost range. |
California and Florida Control the Nation’s The majority of Expensive Luxury Real Estate Markets
San Francisco stays the most expensive major city, with the typical luxury home selling for roughly $6.6 million during the three months ending May. Anaheim ($5.3 million), Miami ($4.9 million), Los Angeles ($4.5 million) and West Palm Beach ($4.51 million) round out the 5 most costly luxury markets.
The 5 Significant U.S. Metros With one of the most Costly High-end Homes, May 2026
| Ranking | Metro area | High-end median home price (2026 ) | Luxury average home price (YoY) |
| 1. | San Francisco, CA | $6,648,922 | 6% |
| 2. | Anaheim, CA | $5,276,971 | 2.2% |
| 3. | Miami, FL | $4,855,331 | 14.2% |
| 4. | Los Angeles, CA | $4,512,482 | 4.9% |
| 5. | West Palm Beach, FL | $4,510,196 | 1.3% |
| This report is based on a Redfin analysis of MLS data that undergoes revision. All figures cover a 3 month duration ending in May 2026. Redfin defines luxury homes as those estimated to be in the top 5% of their metro location’s price range. |
The divide in between high-end and non-luxury home costs continues to expand in numerous metros.
Luxury homes in West Palm Beach, FL sold for an average sale price of $4.5 million, almost 9 times more costly than the common non-luxury home.
The South Florida metro has the biggest luxury home rate premium amongst the 49 most populous U.S. housing markets, followed carefully by surrounding Miami. In Miami, the normal high-end home list price was $4,855,311, up 14.2% year over year, the biggest increase amongst the 5 most expensive luxury markets.
Luxury Real Estate Cost Development by City Area
| Metro Location | Median sale price: high-end | High-end average home list price (YoY) |
| Anaheim, CA | $5,276,971 | 2.2% |
| Atlanta, GA | $1,440,533 | 6.4% |
| Austin, TX | $1,811,150 | 9.0% |
| Baltimore, MD | $1,276,125 | 4.0% |
| Boston, MA | $2,826,655 | 7.4% |
| Charlotte, NC | $1,660,462 | 4.7% |
| Chicago, IL | $1,545,360 | 6.2% |
| Cincinnati, OH | $952,523 | 0.3% |
| Cleveland, OH | $833,228 | 11.0% |
| Columbus, OH | $1,017,342 | 2.9% |
| Dallas, TX | $1,603,312 | -0.3% |
| Denver, CO | $1,971,456 | 4.3% |
| Detroit, MI | $719,252 | -1.0% |
| Fort Worth, TX | $1,309,293 | 9.4% |
| Houston, TX | $1,361,843 | 4.9% |
| Indianapolis, IN | $1,009,314 | 9.0% |
| Jacksonville, FL | $1,589,567 | 6.9% |
| Kansas City, MO | $1,137,946 | 10.9% |
| Las Vegas, NV | $1,694,567 | 13.7% |
| Los Angeles, CA | $4,512,482 | 4.9% |
| Miami, FL | $4,855,331 | 14.2% |
| Milwaukee, WI | $1,098,057 | 8.9% |
| Minneapolis, MN | $1,284,400 | 8.1% |
| Montgomery County, PA | $1,544,219 | 8.5% |
| Nashville, TN | $2,190,591 | 7.1% |
| Nassau County, NY | $2,862,605 | 13.3% |
| Brand-new Brunswick, NJ | $1,947,027 | -4.3% |
| New York, NY | $4,380,249 | 5.0% |
| Newark, NJ | $2,126,234 | 7.9% |
| Oakland, CA | $2,999,012 | -1.8% |
| Orlando, FL | $1,437,130 | 4.5% |
| Philadelphia, PA | $1,342,284 | 11.1% |
| Phoenix, AZ | $2,225,630 | 12.6% |
| Pittsburgh, PA | $904,202 | 6.1% |
| Portland, OR | $1,459,821 | 2.0% |
| Providence, RI | $1,714,243 | 6.3% |
| Riverside, CA | $1,723,962 | 0.5% |
| Sacramento, CA | $1,721,234 | 2.8% |
| San Antonio, TX | $968,344 | 5.1% |
| San Diego, CA | $3,771,304 | 2.7% |
| San Francisco, CA | $6,648,922 | 6.0% |
| San Jose, CA | $5,654,565 | 4.4% |
| Seattle, WA | $2,992,812 | 3.1% |
| St. Louis, MO | $1,028,596 | 10.9% |
| Tampa, FL | $1,650,875 | 15.6% |
| Virginia Beach, VA | $1,105,952 | 9.5% |
| Warren, MI | $1,052,067 | 4.5% |
| Washington, DC | $2,040,078 | 3.0% |
| West Palm Beach, FL | $4,510,196 | 1.3% |
| National | $1,374,470 | 4.7% |
Methodology
This report is based on a Redfin analysis of MLS information that is subject to modification. All figures cover a three month period ending in May 2026. Redfin defines high-end homes as those approximated to be in the leading 5% of their metro location’s price range, while non-luxury homes fall into the 35th-65th percentile. This report covers 49 of the most populated locations for which Redfin has data.