Home prices are rising in the luxury market, with a recent report from real estate marketing platform Redfin showing typical luxury homes cost less than $1 million in just five of the top 49 most populous metros. Comparatively, there were eight metros in 2025 where the typical luxury home costs less than $1 million.

Which luxury markets are the most affordable?

Luxury homes are the most affordable in Detroit, where the median sale price for a luxury home was $719,252 as of May. This is followed by Cleveland, where the median luxury home price is $833,228; and then Pittsburgh, where the median luxury home sells for $904,202. Rounding out the top five are Cincinnati and San Antonio, where the median luxury home goes for $952,523 and $968,344, respectively.

Which luxury markets are the most expensive?

California and Florida are home to the most expensive luxury markets. With a median home sale price of $6.648 million as of May, San Francisco is the most expensive, followed by Anaheim, Calif., which has a median luxury home sale price of $5.276 million; Miami, at $4.855 million; Los Angeles, at $4.512 million, and then West Palm Beach, at $4.510 million.