U.S. Luxury Housing Diverges Sharply Across Local Markets

Rhea-AI Summary

NWS — Luxury U.S. home prices largely stabilized at the end of 2025 with the national 90th-percentile luxury threshold at $1,192,866 in December, down 0.6% year-over-year. The 95th percentile was $1,903,974 (-1.4% MoM, -3.0% YoY) and the 99th percentile was $5,531,567 (+0.8% MoM, -4.1% YoY). Million-dollar listings made up 12.0% of inventory (-0.8pp).

Price gaps vary widely by metro: national luxury is ~3× the median, but in markets like Bridgeport and Naples luxury exceeds local medians by >5×, while Orlando and several Sun Belt metros show much smaller luxury-to-median multiples (~2.1–2.3×). Miami now leads the nation in $1M+ listings, surpassing New York.

Positive

• National 90th-percentile luxury threshold at $1,192,866, down only 0.6% YoY
• Miami metro now has the most $1M+ listings in the U.S., surpassing New York

Negative

• Kahului, HI luxury prices down 17.1% YoY
• Oxnard, CA luxury prices down 14.7% YoY
• Bridgeport–Stamford–Danbury, CT luxury prices down 11.2% YoY

News Market Reaction

-0.29%

1 alert

-0.29% News Effect

On the day this news was published, NWS declined 0.29%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

National luxury threshold: $1,192,866 High-end luxury threshold: $1,903,974 Ultra luxury threshold: $5,531,567 +5 more

8 metrics

National luxury threshold $1,192,866 90th percentile listing price, December 2025

High-end luxury threshold $1,903,974 95th percentile listing price, December 2025

Ultra luxury threshold $5,531,567 99th percentile listing price, December 2025

Million-dollar listing share 12.0% Share of active listings at or above $1M, December 2025

Heber luxury entry $6,945,000 Top 10% listing threshold, Heber, Utah; YoY change 5.8%

Bridgeport luxury multiple 5.4× Multiple of local median listing price, Bridgeport-Stamford-Danbury

Miami luxury threshold $2,437,028 Top 10% listing threshold; multiple 4.9× local median

Orlando luxury threshold $889,260 Top 10% listing threshold; 2.1× local median

Market Reality Check

Price: $31.10 Vol: Volume 1,047,411 is 1.26x...

normal vol

$31.10 Last Close

Volume Volume 1,047,411 is 1.26x the 20-day average of 830,852, indicating elevated interest ahead of this housing report. normal

Technical Shares at $31.10 are trading below the 200-day MA of $31.72 and about 12.6% under the 52-week high of $35.58.

Peers on Argus

NWS rose 0.48% with mixed peer action: NWSA (+0.74%), FOXA (+0.96%), WMG (+1.44%...

NWS rose 0.48% with mixed peer action: NWSA (+0.74%), FOXA (+0.96%), WMG (+1.44%), TKO (+1.60%) gained while ROKU fell (-0.75%). No momentum-clustered sector move detected.

Historical Context

5 past events · Latest: Jan 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Product launch	Positive	+0.5%	Launch of Realtor.com®+ collaborative home-search platform with broad MLS coverage.
Jan 20	Earnings date set	Neutral	+0.5%	Announcement of Fiscal 2026 Q2 earnings release date and webcast details.
Jan 20	GenAI licensing	Positive	-0.7%	Factiva secures GenAI licensing from over 8,000 premium news and business sources.
Jan 15	Rent market report	Negative	+0.0%	Realtor.com report on rent declines with ongoing affordability pressure for lower-cost units.
Jan 14	Mortgage rate study	Neutral	+0.3%	Analysis of U.S. mortgage-rate distribution and evolving rate lock-in dynamics.

Pattern Detected

Recent company news (Realtor.com and Dow Jones product/data releases) has generally seen modest, often positive price responses, with one notable negative reaction to a Factiva GenAI licensing update.

Recent Company History

Over recent weeks, NWS news flow centered on data and platform initiatives across its portfolio. Realtor.com launched the collaborative Realtor.com®+™ search experience with agreements covering over 122,000 professionals, while multiple housing-market and rent reports highlighted affordability and mortgage-rate dynamics. Dow Jones’ Factiva expanded GenAI-licensed content to more than 8,000 sources. Against this backdrop, the latest luxury housing report extends Realtor.com’s role as a key data provider on U.S. housing trends.

Market Pulse Summary

This announcement highlights Realtor.com’s granular view of the U.S. luxury housing market, with ent...

Analysis

This announcement highlights Realtor.com’s granular view of the U.S. luxury housing market, with entry-level luxury at $1,192,866 nationally and substantial variation across metros. It reinforces NWS’s role in providing housing intelligence rather than changing company fundamentals directly. Investors may track how recurring Realtor.com reports, Dow Jones data initiatives, and upcoming earnings commentary together shape perceptions of NWS’s data assets and their contribution across cycles.

Key Terms

micropolitan, percentile, co-ops, omb-2023 delineations

4 terms

micropolitan technical

"Top 10 Markets By 90th Percentile Listing Price ... Metro/ Micro |"

A micropolitan area is a small, self-contained urban region centered on a town with a modest population—larger than a rural village but smaller than a big city—often serving as a local hub for commerce, healthcare and services. Investors watch these areas because their steady consumer base, local employment trends and property demand can influence revenue and growth for regional companies much like watching a neighborhood can predict how a nearby business will perform.

percentile technical

"Luxury segmentation is based on market-specific price percentiles, with the 90th percentile"

A percentile shows where a number sits within a group by indicating the percentage of items that are equal to or below it — for example, being in the 80th percentile means you scored higher than 80% of the group. For investors, percentiles turn raw figures like returns, growth rates, or valuation ratios into a simple rank so you can quickly see whether a company, fund or metric is above or below peers, helping with comparisons and risk-aware decisions.

co-ops technical

"including single-family residences, condos, townhomes, row homes, and co-ops."

Co-ops are businesses or organizations owned and controlled by their members—customers, workers, or local residents—who share decision-making and any surplus instead of outside shareholders. Think of a co-op like a neighborhood club where members vote on rules and profits are returned to members or reinvested. For investors, co-ops matter because their ownership structure limits traditional stock ownership, affects how profits are distributed, and can change the company’s growth, transparency and regulatory treatment compared with regular corporations.

omb-2023 delineations regulatory

"Metropolitan and micropolitan areas are defined using the Office of Management and Budget's OMB-2023 delineations"

OMB-2023 delineations are the Office of Management and Budget’s updated maps and rules that define which counties and cities are grouped together for federal statistics, funding and regulatory purposes (for example, which places count as a single metropolitan area). For investors they matter because those boundaries change how economic data, eligibility for grants or tax programs, and market-size comparisons are reported — like redrawing neighborhood lines can change which homes are counted together and how a neighborhood’s value looks on paper.

AI-generated analysis. Not financial advice.

Luxury homes cost as little as 2× the typical listing in some metros and more than 5× in others

AUSTIN, Texas, Jan. 26, 2026 /PRNewswire/ -- Luxury home prices stabilized at the end of 2025, while the gap between luxury homes and typical listings varied widely across local housing markets. The national entry point for luxury, defined as the 90th percentile of listing prices, was $1.19 million in December, down just 0.6% from a year ago, according to the December Realtor.com^® Luxury Housing Report. The smaller decline compared with earlier months suggests luxury prices overall may be approaching a near-term floor.

The gap between luxury homes and typical listings varies widely by market. Nationally, luxury homes are priced at about three times the median listing price, but that relationship looks very different across metros. In parts of Connecticut, luxury homes are priced more than five times higher than the local median, reflecting sharp divides between high-end neighborhoods and the broader market. By contrast, in metros like Orlando, Fla., luxury homes are priced much closer to the median, making high-end housing feel more connected to the overall market.

"Big gaps between luxury and typical home prices aren't automatically a warning sign," said Anthony Smith, senior economist at Realtor.com^®. "They often point to markets that are highly segmented, where luxury behaves differently from the rest of the housing market. In those places, even small shifts at the high end can create noticeable changes in luxury pricing without spilling over to the median home price."

National Luxury Overview

Pricing	December 2025	Monthly Change	YoY Change
Luxury Threshold 90th Percentile	$1,192,866	-0.6 %	-0.6 %
High-End Luxury Threshold 95th Percentile	$1,903,974	-1.4 %	-3.0 %
Ultra Luxury Threshold 99th Percentile	$5,531,567	0.8 %	-4.1 %
Million-Dollar Listing Share	12.0 %	-0.8pp	-0.3pp

Most expensive luxury markets: declines persist, but vary by metro

In December, 9 of the 10 most expensive luxury markets still posted year-over-year declines in prices, though several saw smaller drops than last month. Heber, UT remained the nation's most expensive luxury market, with the top 10% of listings beginning at $6.95 million (+5.8% YoY). Meanwhile, several major California metros continued to reset, with luxury prices down 6% to 15% year over year across Los Angeles, San Jose, Santa Rosa, and Oxnard.

Top 10 Markets By 90th Percentile Listing Price

Rank	Area	Metro/ Micro	10% Most Expensive Listings Start at:	10% Most Expensive YoY	Average Annual Million- Dollar Listings Count	Multiple to Local Median Listing Price
1	Heber, Utah	Micro	$6,945,000	5.8 %	867	4.6
2	Key West-Key Largo, Fla.	Micro	$4,996,500	-3.1 %	834	3.8
3	Los Angeles-Long Beach-Anaheim, Calif.	Metro	$4,059,710	-6.2 %	9,266	3.8
4	Bridgeport-Stamford-Danbury, Conn.	Metro	$3,995,000	-11.2 %	541	5.4
5	Kahului-Wailuku, Hawaii	Metro	$3,857,250	-17.1 %	704	3.7
6	Santa Rosa-Petaluma, Calif.	Metro	$3,700,000	-5.6 %	506	3.7
7	Naples-Marco Island, Fla.	Metro	$3,612,231	-2.3 %	2,461	5.0
8	San Jose-Sunnyvale-Santa Clara, Calif.	Metro	$3,498,000	-7.4 %	1,026	2.9
9	New York-Newark-Jersey City, N.Y.-N.J.	Metro	$2,999,603	-9.0 %	11,619	4.0
10	Oxnard-Thousand Oaks-Ventura, Calif.	Metro	$2,985,000	-14.7 %	663	3.2

(Among metropolitan and micropolitan areas that averaged at least 500 million-dollar listings over the 12 months through December 2025)

Miami surpasses New York in $1M+ inventory

A notable year-end shift: The Miami metro now has the most $1 million-plus listings in the country, edging past the New York City metro. The crossover reflects Miami's steadier luxury inventory pattern and a buyer mix that includes more cash purchasers, international buyers, retirees, and second-home shoppers, supporting more consistent listing activity across seasons.

More than one-quarter (26.3%) of demand in the Miami metro originates from the New York metro, highlighting a close connection shaped by higher housing and tax costs in New York, Florida's lack of state income tax, lifestyle and climate advantages, the rise of remote work, and the growing presence of finance, private equity, and crypto firms with New York roots in South Florida.

Where the luxury gap is widest

Nationally, the entry point to luxury is about three times the median listing price. But in the metros below, luxury is far more disconnected from the typical market, which often reflects sharp neighborhood-level divides and highly concentrated high-end demand.

Luxury Markets With the Widest Gaps Between Median and Luxury Prices

Rank	Area	10% Most Expensive Listings Start at:	Multiple to Local Median Listing Price	Multiple to National Median Listing Price	Median Days on Market 10% Most Expensive
0	USA	$1,192,866	3.0	3.0	88
1	Bridgeport-Stamford-Danbury, Conn.	$3,995,000	5.4	10.0	89
2	Naples-Marco Island, Fla.	$3,612,231	5.0	9.0	66
3	Miami-Fort Lauderdale-West Palm Beach, Fla.	$2,437,028	4.9	6.1	93
4	Crestview-Fort Walton Beach-Destin, Fla.	$2,837,322	4.9	7.1	117
6	Heber, Utah	$6,945,000	4.6	17.4	133
5	Atlantic City-Hammonton, N.J.	$2,372,550	4.5	5.9	93
8	Charleston-North Charleston, S.C.	$1,959,417	4.0	4.9	86
9	New York-Newark-Jersey City, N.Y.-N.J.	$2,999,603	4.0	7.5	100
7	North Port-Bradenton-Sarasota, Fla.	$1,869,281	3.9	4.7	75
10 Tie	Key West-Key Largo, Fla.	$4,996,500	3.8	12.5	68
10 Tie	Los Angeles-Long Beach-Anaheim, Calif.	$4,059,710	3.8	10.2	91

Markets Where Luxury Is Closest to the Median

In other metros, luxury remains far more tethered to the broader housing market. These areas typically feature newer housing stock, more expansive development patterns, and fewer ultra-exclusive enclaves, narrowing the luxury-to-median multiple to roughly 2.1× to 2.3×.

Metros With the Smallest Gap Between Luxury and Median Prices

Rank	Area	10% Most Expensive Listings Start at:	Multiple to Local Median Listing Price	Multiple to National Median Listing Price	Median Days on Market 10% Most Expensive
0	USA	$1,192,866	3.0	3.0	88
1	Orlando-Kissimmee-Sanford, Fla.	$889,260	2.1	2.2	93
2	Riverside-San Bernardino-Ontario, Calif.	$1,278,288	2.2	3.2	71
3	Charlotte-Concord-Gastonia, N.C.-S.C.	$922,626	2.2	2.3	82
4	Portland-Vancouver-Hillsboro, Ore.-Wash.	$1,289,180	2.2	3.2	131
6	Raleigh-Cary, N.C.	$983,406	2.2	2.5	92
5	Atlanta-Sandy Springs-Roswell, Ga.	$899,663	2.2	2.2	79
8	Houston-Pasadena-The Woodlands, Texas	$789,558	2.3	2.0	71
9	Denver-Aurora-Centennial, Colo.	$1,265,555	2.3	3.2	92
7	Dallas-Fort Worth-Arlington, Texas	$950,136	2.3	2.4	82
10 Tie	Boise City, Idaho	$1,384,063	2.3	3.5	80
10 Tie	San Antonio-New Braunfels, Texas	$750,008	2.3	1.9	106

Methodology

All data in this report is sourced from Realtor.com^® listing trends as of December 2025, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those posted on MLS platforms that provide listing feeds to Realtor.com^®. 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 November 2024 as the baseline.

About Realtor.com^®

Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering 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

View original content:https://www.prnewswire.com/news-releases/us-luxury-housing-diverges-sharply-across-local-markets-302669178.html

SOURCE Realtor.com

FAQ

What is the national luxury listing threshold for December 2025 for NWS?

The national 90th-percentile luxury threshold was $1,192,866 in December 2025, down 0.6% year-over-year.

How far above median are luxury listings in Bridgeport (NWS) compared with the U.S.?

In Bridgeport–Stamford–Danbury, luxury starts at $3,995,000, about 5.4× the local median and roughly 10× the national median.

Which metros showed the largest luxury price declines in December 2025?

Notable YoY declines included Kahului, HI (-17.1%), Oxnard, CA (-14.7%), and Bridgeport, CT (-11.2%).

What does the report say about Miami versus New York for $1M+ listings?

Miami surpassed New York as the metro with the most $1M+ listings, reflecting steadier luxury inventory and buyer demand.

How connected is luxury pricing to typical listings across U.S. metros?

Nationally luxury listings are about 3× the median, but multiples range from ~2.1× in Orlando to >5× in highly segmented markets like Bridgeport.