Luxury Homes Cost Less Than $1M in Just 7 US Metros

As home prices have grown over the last several years, even the luxury housing market is seeing homes become less attainable. According to a recent report from real estate marketing platform Redfin, the number of major metros where you can buy a luxury home for less than $1 million has shrunk from 30 to just seven in the past five years. This includes Detroit, Cleveland, Pittsburgh, Indianapolis, St. Louis, Cincinnati, and San Antonio. In Detroit—the most affordable metro—the median price for a luxury home was $753,851 as of April. This is 44.1% less than the typical luxury home price nationwide.

On the other hand, California is home to some of the most expensive luxury markets. In San Francisco, the typical luxury home in San Francisco in April was priced at more than $6 million, making it the most expensive of the top 50 U.S. metros. In fact, the typical starter home in San Francisco was priced at $972,825.

“The Rust Belt’s relative affordability has preserved opportunities for luxury buyers that have all but disappeared in much of the country,” said Redfin Senior Economist Sheharyar Bokhari. “These metros haven’t seen as much explosive investor demand or speculative buying, which has helped keep prices grounded. Buyers can get historic charm, large lots, and upscale finishes—often in walkable, tree-lined neighborhoods—for a small fraction of what a similar home would cost in cities like San Francisco or New York.”