High-end pricing is the market itself in a few U.S. markets, not just a portion of it, according to new data and industry experts. More than half of all active properties are priced at $1 million or more in 13 select areas, such as Nantucket, MA; Aspen, CO; and Jackson, WY, according to the Realtor.com March Luxury Housing Report.
Even while year-over-year (YoY) numbers are still marginally below 2025 levels, this high-end concentration is contrasted with the larger U.S. luxury home market, which exhibits a seasonal firming of monthly prices. In March, the 90th percentile, or national luxury threshold, was close to $1.25 million. Despite a 3.7% monthly increase, the national entry-level luxury price is still 2.9% less than it was a year ago.
“The national luxury market is modestly softer, but stabilizing seasonally as it enters the spring. This month we examined a select group of resort and island destinations that operate in a separate price tier,” said Danielle Hale, Chief Economist at Realtor.com. “In these pure luxury markets, the typical home is priced above $1 million and, in some cases, nearly everything for sale exceeds that luxury benchmark. Because the median home in these areas is already a luxury asset, the threshold for the most exclusive properties often reaches levels three to 10 times higher than the national benchmark.”
Top 10 Most Expensive Metropolitan Luxury Markets:
| Rank | Area | 10% Most expensive listings start at: | 10% most expensive MoM | 10% Most expensive YoY | Average annual million-dollar listings count | Multiple to national luxury median |
| 1 | Bridgeport-Stamford-Danbury, CT | $4,299,450 | 0.9% | -12.2% | 539 | 3.4 |
| 2 | Los Angeles-Long Beach-Anaheim, CA | $4,255,362 | 1.0% | -8.9% | 9,336 | 3.4 |
| 3 | Kahului-Wailuku, Hawaii | $4,192,750 | -0.9% | -4.0% | 714 | 3.4 |
| 4 | Naples-Marco Island, FL | $3,652,767 | -1.7% | -1.2% | 2,402 | 2.9 |
| 5 | San Jose-Sunnyvale-Santa Clara, CA | $3,499,400 | 0.1% | -7.4% | 1,048 | 2.8 |
| 6 | Santa Rosa-Petaluma, CA | $3,193,000 | -2.4% | -3.2% | 509 | 2.6 |
| 7 | Oxnard-Thousand Oaks-Ventura, CA | $3,047,500 | 1.6% | -12.9% | 666 | 2.4 |
| 8 | New York-Newark-Jersey City, NY-NJ | $2,998,160 | -3.5% | -7.9% | 11,572 | 2.4 |
| 9 | Crestview-Fort Walton Beach-Destin, FL | $2,921,249 | 5.6% | 0.7% | 1,439 | 2.3 |
| 10 | San Diego-Chula Vista-Carlsbad, CA | $2,872,285 | 0.5% | -6.6% | 2,372 | 2.3 |
Million-Dollar Homes Remain “The Norm” in Some Areas
Following last month’s investigation of “accessible luxury,” where buyers may break into the top 10% of listings without usual high-end price tags, there has been a trend toward discovering these pure premium centers. This month, the data shifts to markets where luxury is the norm, which is the opposite end of the spectrum.
With 99% of all active properties valued at $1 million or more, Nantucket, Massachusetts, is in a class of its own. Jackson, Wyoming (68%) and Vineyard Haven, Massachusetts (90%) are next in line. The research noted Petoskey, Michigan, as an unexpected entry, despite the fact that coastal and mountain hubs predominate. The resort town in Northern Michigan shows how lifestyle-driven demand is generating pockets of pure luxury around the nation, particularly in the Great Lakes region, with 53% of its properties priced above $1 million.
“These pure luxury markets are defined by geographic and structural scarcity,” said Anthony Smith, Senior Economist at Realtor.com. “Whether it’s an island with strict building codes or a mountain valley with limited private land, supply cannot expand to meet demand. This creates an environment where luxury becomes the standard. In Rifle, CO, a micropolitan market which encompasses Aspen, the top 1% of the market starts at $59.2 million, a figure that dwarfs the ultra-luxury thresholds of even the largest coastal powerhouses like Los Angeles or New York.”
Top 10 Luxury Markets Where Over Half of Listings Exceed $1M:
| Rank | Area | Metro/Micro | Median Listing Price | 10% Most Expensive Listings Start at: | 5% Most Expensive Listings Start at: | 1% Most Expensive Listings Start at: | Average Annual Million-Dollar Listings Count | Share of Million Dollar Listings |
| USA | Country | $415,450 | $1.25M | $1.20M | $5.75M | 134,530 | 13.1 % | |
| 1 | Nantucket, MA | Micro | $4.08M | $10.0M | $12.92M | $25.76M | 138 | 99 % |
| 2 | Vineyard Haven, MA | Micro | $2.40M | $8.26M | $10.84M | $16.36M | 194 | 90 % |
| 3 | Jackson, WY-ID | Micro | $1.75M | $10.20M | $18.0M | $39.55M | 245 | 68 % |
| 4 | Santa Maria-Santa Barbara, CA | Metro | $1.72M | $9.88M | $16.26M | $38.60M | 437 | 69 % |
| 5 | Rifle, CO | Micro | $1.65M | $16.81M | $25.50M | $59.18M | 440 | 58 % |
| 6 | Hailey, ID | Micro | $1.44M | $8.50M | $13.0M | $19.80M | 145 | 62 % |
| 7 | Kapaa, Hawaii | Micro | $1.40M | $5.89M | $8.49M | $14.70M | 233 | 63 % |
| 8 | Napa, CA | Metro | $1.29M | $4.98M | $7.40M | $15.98M | 309 | 62 % |
| 9 | Salinas, CA | Metro | $1.24M | $4.32M | $8.86M | $24.10M | 313 | 62 % |
| 10 | Santa Cruz-Watsonville, CA | Metro | $1.20M | $2.75M | $4.20M | $9.25M | 291 | 57 % |
National Luxury Overview: March 2026
| Pricing | March 2026 | Monthly change | YoY change |
| Luxury threshold 90th percentile | $1,249,611 | 3.7 % | -2.9 % |
| High-end luxury threshold 95th percentile | $1,997,108 | 0.5 % | -4.9 % |
| Ultra luxury threshold 99th percentile | $5,753,869 | -0.2 % | -3.7 % |
| Million-dollar listing share | 13.1 % | 1.1pp | -0.4pp |
According to the report, the “ceiling” for real estate varies greatly across the nation, according to the analysis. Certain resort markets attain substantially higher levels than the national 99th percentile criterion, which is approximately $5.75 million:
- Rifle, CO (Aspen area): $59.2 million
- Jackson, WY: $39.5 million
- Santa Maria-Santa Barbara, CA: $38.6 million
- Nantucket, MA: $25.8 million
Note: 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 ultra-luxury. All calculations are based on listing prices, not final sales prices.
To read the full report, click here.
