From regional hubs where luxury starts below $1 million to enclaves where nearly every listing clears that mark, the high-end market defies a single price threshold
AUSTIN, Texas, June 25, 2026 /PRNewswire/ -- As million-dollar price tags have become more common across the country, a new Realtor.com® report finds that in many markets, $1 million still buys something different: luxury. Realtor.com®'s 7 Levels of Luxury report maps the high-end market from Huntsville, Ala., where top-tier homes start near $759,000, to Aspen, Colo., where the 90th percentile of listings begins at nearly $25 million, revealing a luxury market that operates less like a single category and more like seven distinct ones.
The national baseline tells part of the story. As of May 2026, it takes roughly $1.28 million to reach the top 10% of homes nationally, up from about $1 million before the pandemic-era price surge. Million-dollar listings now represent 13.8% of all active inventory, compared to a pre-pandemic share of around 9%. But those averages obscure a wide range of what a million dollars actually buys. In markets like Huntsville and Lincoln, Neb., $1 million places a buyer firmly in the luxury tier, in homes averaging more than 4,300 square feet with newer construction and premium finishes. In Los Angeles, that same budget covers less than half the market.
The National Luxury Landscape, May 2026
Median Listing Price
$430K
Luxury Threshold 90th Percentile
$1.28M
High-End Luxury Threshold 95th Percentile
$2.0M
Ultra Luxury Threshold 99th Percentile
$5.57M
Million-Dollar Listing Share 13.8 %
Median Square Feet $1- $2 Million 2,986
"Luxury is not a price point, it's a percentile," said Anthony Smith, Senior Economist at Realtor.com®. "What defines high-end housing in Huntsville or Lincoln looks nothing like what defines it in Jackson Hole or Malibu. The million-dollar benchmark was never a universal standard, and the data makes that clear."
The seven levels range from regional hubs, where large employers and land availability keep the luxury floor well below the national threshold, to markets that operate beyond the data: exclusive ZIP codes and island communities where the pool of potential buyers numbers in the thousands, not the millions. The table below shows one representative market per level, illustrating approximately how far the entry point to luxury can stretch.
The 7 Levels at a Glance: How the Luxury Entry Point Varies by Market
Level
Description Representative Market Median 90th Million-
Dollar
Listing Percentile Listing
Share
Price (Luxury
Entry)
1
Regional Hubs
Huntsville, AL
$376K
$759K 3.8 %
2
Emerging Markets Fayetteville-Springdale-
Rogers, AR
$459K
$1.08M 11.3 %
3 Established Metros Atlanta-Sandy Springs, GA
$425K
$994K 9.8 %
4 Access Trade-Off & Rapid
Growth Seattle-Tacoma-Bellevue, WA
$780K
$2.09M 33.4 %
5 Intentional Destinations Westchester County, NY
$750K
$2.78M 33.9 %
6 Ultraluxury -Pure Luxury
Jackson, WY-ID
$1.72M
$7.32M 66.1 %
7
Elite Ultraluxury
Fisher Island, FL
$10.98M
$35.60M 100.0 %
Within each level, the trade-offs are distinct. Level 1 markets like Huntsville and Lincoln, Neb., keep the luxury floor below $1 million, with newer construction and premium finishes that reflect how far a dollar goes when land isn't scarce.
At Level 2, emerging markets like Fayetteville-Springdale-Rogers, Ark., are actively building their luxury tiers, with more than 30% year-over-year growth in million-dollar listings. Level 3 established metros like Atlanta offer the widest range: a luxury entry at $994,000 and a media of 4,669 square feet in the $1 million to $2 million range.
"The markets that tend to surprise people are the ones where a million dollars goes furthest," said Anthony Smith, Senior Economist at Realtor.com®. "In Huntsville or Lincoln, that budget puts you in a 4,000-plus square foot home at the top of the local market. That's not a compromise -- that's luxury by any definition."
Level 4 markets like Seattle and Boise, Idaho, reflect lasting pandemic-era demand: Boise is one of only two metros nationally to fully surpass its pre-pandemic luxury peak. Level 5 and 6 markets, including Jackson, Wyo., and Martha's Vineyard, Mass., are defined by geographic constraints, limited buildable land, and in some cases, favorable tax structures that draw ultrahigh-net-worth buyers.
At the top of the framework, Level 7 markets operate in a category of their own, with buyer pools numbering in the thousands globally.
Appendix: The 7 Levels of Luxury -- Market-by-Market Breakdown
Area Geo Median Million Million Median 90th 95th 99th
Type Listing Dollar Dollar SqFt $1 - Percentile Percentile Percentile
Listing Listing $2 Million Listing Listing Listing
Price Price Price
Share Count
Level 1 - Regional Hubs
Huntsville, AL Metro
$376K 3.8 % 114 4,387
$759K
$946K
$1.47M
Lincoln, NE Metro
$419K 5.2 % 45 4,601
$800K
$1.00M
$1.83M
Rochester, MN Metro
$425K 9.2 % 58 4,358
$906K
$1.24M
$2.24M
Chattanooga, TN-GA Metro
$400K 7.8 % 224 3,700
$875K
$1.30M
$2.62M
Amarillo, TX Metro
$318K 4.4 % 33 4,120
$749K
$984K
$1.73M
Level 2 - Emerging Markets
Fayetteville-Rogers, AR Metro
$459K 11.3 % 362 3,678
$1.08M
$1.50M
$2.95M
Durham-Chapel Hill, NC Metro
$489K 16.1 % 323 3,930
$1.25M
$1.75M
$3.30M
Colorado Springs, CO Metro
$498K 10.0 % 353 4,469
$998K
$1.34M
$2.38M
Knoxville, TN Metro
$460K 11.1 % 357 3,886
$1.08M
$1.49M
$3.24M
Savannah, GA Metro
$410K 10.3 % 250 3,201
$996K
$1.50M
$3.49M
Level 3 - Established Metros
Atlanta-Sandy Springs, GA Metro
$425K 9.8 % 2,708 4,669
$994K
$1.45M
$3.20M
Dallas-Fort Worth, TX Metro
$436K 10.7 % 3,006 4,080
$1.06M
$1.65M
$4.19M
Phoenix-Mesa-Chandler, AZ Metro
$498K 16.5 % 3,215 3,180
$1.45M
$2.50M
$6.56M
Las Vegas-Henderson, NV Metro
$475K 12.7 % 1,246 3,563
$1.20M
$2.06M
$5.93M
Orlando-Kissimmee-Sanford, FL Metro
$420K 8.4 % 1,121 3,630
$923K
$1.40M
$3.49M
Level 4 - Access Trade-Off & Rapid Growth
New York-Newark-Jersey City, NY Metro
$775K 34.4 % 12,771 1,950
$2.90M
$4.86M
$14.78M
Los Angeles-Long Beach, CA Metro
$1.10M 53.6 % 9,928 1,966
$4.19M
$7.22M
$21.92M
Miami-Fort Lauderdale, FL Metro
$499K 22.9 % 10,060 2,134
$2.50M
$4.56M
$14.89M
Seattle-Tacoma-Bellevue, WA Metro
$780K 33.4 % 3,490 2,650
$2.09M
$2.90M
$6.49M
Boise City, ID Metro
$629K 22.7 % 610 3,220
$1.45M
$1.99M
$3.49M
Level 5 - Intentional Destinations
Key West-Key Largo, FL Micro
$1.20M 58.2 % 808 1,600
$4.80M
$7.0M
$25.0M
Bridgeport-Stamford-Danbury, CT (Greenwich) Metro
$847K 42.7 % 603 3,500
$4.2M
$6.86M
$18.88M
Westchester County, NY County
$750K 33.9 % 521 2,842
$2.78M
$4.09M
$9.02M
Sonoma County, CA County
$998K 50.0 % 544 2,311
$3.5M
$5.44M
$10.79M
Level 6 - Ultraluxury -Pure Luxury
Hailey, ID Micro
$1.25M 53.1 % 104 2,154
$8.93M
$13.61M
$22.03M
Jackson, WY-ID Micro
$1.72M 66.1 % 240 2,246
$7.32M
$13.14M
$37.96M
Santa Barbara County, CA County
$1.80M 70.2 % 432 2,118
$9.00M
$15.45M
$38.07M
Napa County, CA County
$1.40M 63.7 % 338 2,100
$5.5M
$8.18M
$18.5M
Vineyard Haven, MA Micro
$2.50M 90.9 % 170 2,348
$7.95M
$12.71M
$21.75M
Kapaa, HI Micro
$1.40M 66.4 % 245 1,443
$6.09M
$8.55M
$19.89M
Heber, UT Micro
$1.45M 63.5 % 813 2,819
$6.25M
$8.70M
$21.22M
Level 7 - Elite Ultraluxury
Aspen, CO (81611) ZIP
$2.72M 60.1 % 125 1,805
$24.95M
$34.98M
$74.45M
Newport Coast, CA (92657) ZIP
$12.50M 100.0 % 45 5,145
$46.50M
$63.59M
$66.53M
Fisher Island, FL (33109) ZIP
$10.98M 100.0 % 44 3,600
$35.60M
$44.10M
$53.32M
Beverly Hills, CA (90210) ZIP
$9.38M 99.2 % 237 5,390
$29.75M
$38.70M
$78.28M
Bridgehampton, NY (11932) ZIP
$10.49M 100.0 % 36 5,578
$25.00M
$33.38M
$60.60M
Bel Air, CA (90077) ZIP
$7.43M 92.4 % 109 5,210
$39.99M
$55.00M
$128.10M
Water Mill, NY (11976) ZIP
$7.85M 98.7 % 74 6,384
$28.75M
$33.05M
$66.09M
Atherton, CA (94027) ZIP
$14.80M 100.0 % 13 6,914
$32.35M
$40.10M
$47.76M
Upper West Side, NY (10023) ZIP $1.70 66 % 128 1,291
$9.72M
$15.99M
$48.06M
Midtown, NY (10019) ZIP $1.65 70 % 96 1,200
$11.40M
$19.40M
$46.50M
Methodology
All data in this report is sourced from Realtor.com® listing trends as of May 2026, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those provided by MLS platforms to Realtor.com® via a listing feed. 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 ultraluxury. 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 on average over the past year to ensure meaningful comparisons.
Historical listing trend data extends to July 2016, but year-over-year comparisons in this report use May 2025 as the baseline.
Luxury by the Numbers
90th percentile = Entry-level luxury (top 10% of prices)
95th percentile = High-end luxury
99th percentile = Ultraluxury (often rare or custom properties)
About Realtor.com®
For over 30 years, Realtor.com® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com® delivers 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: Emily Do, press@realtor.com
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