U.S. Luxury Home Market Shows Mixed Pricing and Divergent Selling Speeds

Rhea-AI Summary

NWS luxury housing report for November 2025 shows a mixed national picture: the 90th‑percentile luxury threshold fell to $1,199,977 (‑2.3% YoY) while the ultraluxury 99th percentile was $5,490,492. Median days on market for luxury listings held at 78 days nationally, but metros diverged sharply.

Notable moves: Kahului–Wailuku saw luxury thresholds down 21% YoY, Naples–Marco Island homes sold 23.5% faster YoY, and Bend, OR recorded the slowest pace at 146 days (+14.1% YoY). Data reflect Realtor.com listing inventories as of November 2025 and use percentile segmentation (90/95/99).

Positive

• Naples luxury sales 23.5% faster YoY
• Ultraluxury 99th percentile rose 0.5% month‑to‑month

Negative

• Kahului–Wailuku luxury threshold ‑21.0% YoY
• Bend, OR median luxury days on market +14.1% YoY
• Oxnard median luxury days on market +25.9% YoY

Key Figures

Luxury 90th percentile $1,199,977 National luxury threshold November 2025

Luxury 90th YoY change -2.3% Year-over-year change November 2025

National median listing price $415,000 November 2025 national median

Million-dollar listing share 12.8% Share of listings at or above $1,000,000

National luxury days on market 78 days Median for top 10% listings November 2025

San Jose luxury DOM 56 days Fastest luxury market median DOM

Bend luxury DOM 146 days Slowest luxury market median DOM

Heber 90th percentile $6,637,500 Top 10 market by 90th percentile price

Market Reality Check

$26.19 Last Close

Volume Volume 4337451 is 4.12x the 20-day average of 1051625, indicating elevated trading activity ahead of this macro housing report. high

Technical Shares trade below the 200-day MA of 31.74 with a current price of 29.79, reflecting a weaker intermediate trend pre-news.

Peers on Argus

Peers show mixed moves: NWSA +0.81%, TKO +0.95%, WMG +0.07%, ROKU -2.37%, FOXA +0.89%. With no peers in the momentum scanner, trading appears more stock-specific than a coordinated sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 18	Flipped homes report	Negative	+0.5%	Realtor.com finds weakened pricing power and returns for flipped homes.
Dec 16	Rent affordability data	Neutral	+0.7%	Realtor.com reports lower rents but ongoing affordability pressure in most metros.
Dec 15	WSJ brand launch	Positive	-1.3%	WSJ Opinion launches Free Expression as a newsletter-first brand extension.
Dec 10	Top markets outlook	Positive	+0.3%	Realtor.com names top 2026 housing markets with higher expected growth.
Dec 09	Lock-in effect study	Negative	+0.4%	Realtor.com highlights large payment jumps trapping many homeowners in place.

Pattern Detected

Recent Realtor.com data releases and WSJ initiatives have produced a mix of aligned and divergent price reactions, suggesting investor responses to NWS information are not uniform.

Recent Company History

Over the last few weeks, NWS news flow centered on Realtor.com housing analytics and product initiatives, plus a Wall Street Journal Opinion brand extension. Reports on home lock-in effects, top 2026 housing markets, rental affordability, and flipped-home performance paired with modest price moves of between about -1.31% and 0.72%. The new luxury housing report continues this data-driven theme, extending NWS’s positioning as an information source on U.S. housing conditions.

Market Pulse Summary

This announcement highlights a mixed U.S. luxury housing landscape, with the national 90th-percentile threshold at $1,199,977 and median luxury days on market at 78. Some metros, like San Jose and Naples, see faster turnover, while Bend and Heber remain slower. For NWS, it extends a series of Realtor.com analytics reports that frame pricing, demand, and regional divergence, reinforcing its positioning as a source for granular housing intelligence.

Key Terms

90th percentile technical

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

The 90th percentile is the value in a set of measurements that is greater than 90% of the observations and lower than the top 10%. For investors it highlights the high end of a distribution — for example, unusually high returns, costs, or prices — helping identify outliers, set conservative targets, or assess upside and tail risk much like looking at the 90th person in a 100-person line to see who’s near the top.

95th percentile technical

"the 95th percentile marking high-end luxury, and the 99th percentile indicating ultraluxury"

The 95th percentile is the value in a range of numbers such that 95% of the observations are equal to or below it and 5% are above it. Think of lining up 100 people by height and picking the person at position 95 — everyone shorter is at or below the 95th percentile. For investors, it highlights where most outcomes cluster and flags the relatively rare, extreme results useful for risk limits, stress testing, performance benchmarks and spotting outliers.

99th percentile technical

"the 95th percentile marking high-end luxury, and the 99th percentile indicating ultraluxury"

The 99th percentile is the value that separates the top 1% from the rest in a ranked set of data — think of being in the top 1% of a class or finishing a race among the first few. For investors, it highlights extreme outcomes (very high returns, risks, costs, or measurements) and helps spot outliers or tail events that can greatly affect portfolio performance or valuation assumptions.

ultraluxury technical

"the 95th percentile marking high-end luxury, and the 99th percentile indicating ultraluxury"

Ultraluxury describes the highest tier of goods or services sold at very high prices to a tiny, affluent customer base — think bespoke products, exclusive experiences, or limited-run items that signal status. For investors, ultraluxury matters because these offerings usually carry strong pricing power and high profit margins like a highly specialized boutique, but they also depend on wealthy consumers’ confidence and are sensitive to shifts in taste, global wealth trends, and brand reputation.

median days on market technical

"Nationally, luxury homes spent a median of 78 days on the market in November"

Median days on market is the middle value of how long listed assets (commonly homes) stay available before a sale — half sell faster, half take longer. For investors it’s a quick measure of demand and liquidity: shorter median time suggests strong buyer interest and faster turnover, while longer time can signal weak demand or pricing pressure, similar to how quickly items move on an online marketplace.

micropolitan areas technical

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

A micropolitan area is an official U.S. statistical category for a small urban center—roughly a town of 10,000 to 50,000 people—and the surrounding communities that are economically tied to it. Think of it as a small city plus its suburbs and nearby towns; it matters to investors because these regions show local consumer demand, workforce trends, real estate activity and infrastructure needs that can affect sales, hiring, property values and targeted investment strategies.

MLS platforms technical

"Listings reflect only those posted on MLS platforms that provide listing feeds to Realtor.com"

MLS platforms are centralized systems where brokers and agents list property offers so buyers, sellers and other brokers can search and share the same inventory. Think of them like a public marketplace bulletin board for homes and commercial property; for investors they matter because the health, reach and fees of these platforms affect how quickly properties sell, market transparency and the revenue potential of companies that run or rely on them.

AI-generated analysis. Not financial advice.

National luxury prices ease while select markets see rapid turnover

AUSTIN, Texas, Dec. 22, 2025 /PRNewswire/ -- National luxury home prices continued to soften in November 2025, with the 90th-percentile threshold dipping to $1.20 million, down 2.3% from a year ago, according to the November Realtor.com^® Luxury Housing Report. While the ultraluxury segment showed modest monthly growth, the broader luxury market is experiencing a mixed landscape, with some metros moving quickly and others seeing slower turnover.

Among the nation's most expensive markets, eight of the top 10 posted annual price declines, led by Kahului–Wailuku, HI, where luxury thresholds fell 21% year over year. By contrast, Heber, UT, saw its luxury threshold climb nearly 10%, and Key West–Key Largo, FL, remained steady, underscoring the market's divergent trends.

"Luxury home dynamics are increasingly driven by local factors rather than national trends," said Antony Smith, senior economist at Realtor.com^®. "Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today's luxury market."

National Overview

	November 2025	Monthly Change	YoY Change
Luxury Threshold 90th Percentile	$1,199,977	-2.0 %	-2.3 %
High-End Luxury Threshold 95th Percentile	$1,930,853	-1.2 %	-2.7 %
Ultra Luxury Threshold 99th Percentile	$5,490,492	0.5 %	-2.4 %
National Median Listing Price	$415,000	-2.2 %	-0.4 %
Million-Dollar Listing Share	12.8 %	-0.4pp	0.0pp

Fastest and Slowest Luxury Markets

Nationally, luxury homes spent a median of 78 days on the market in November, unchanged from the prior year. Yet the variation across metros was striking. San Jose–Sunnyvale–Santa Clara, CA, led the nation with top-tier homes selling in a median of 56 days, while Bend, OR, recorded the slowest pace at 146 days.

Naples–Marco Island, FL, emerged as a standout, with luxury homes selling 23.5% faster year over year. The metro's luxury threshold sits at $3.50 million, slightly down from last year, while the top 10% of listings are moving quickly amid ample inventory, reflecting strong demand and post-hurricane market dynamics following Hurricane Milton in one of Florida's most desirable coastal markets.

Other fast-moving markets include Riverside–San Bernardino–Ontario, CA, and the Washington, D.C., area, where median selling times ranged from 57 to 58 days. Meanwhile, Heber, UT, Kahului–Wailuku, HI, and Santa Rosa–Petaluma, CA, remained among the slowest-moving luxury markets, highlighting that elevated prices and specialized buyer pools can slow sales even in desirable locales.

Luxury Pricing Trends

Overall, November's results illustrate a luxury market defined less by national trends than by localized pricing, inventory alignment, and buyer urgency. Markets where pricing and demand are well-matched are seeing homes move rapidly, while other high-priced metros face slower sales, reflecting a nuanced landscape for high-end buyers and sellers alike.

Fastest Moving Luxury Markets

Rank	Area	10% Most Expensive Listings Start at:	Median Days on Market for Top 10%:	Median Days on Market for Top 10% YoY:
0	USA	$1,199,977	78	0.0 %
1	San Jose-Sunnyvale-Santa Clara, CA	$3,798,000	56	-6.7 %
2	Riverside-San Bernardino-Ontario, CA	$1,249,999	57	0.0 %
3	Washington-Arlington-Alexandria, DC-VA-MD-WV	$1,471,468	58	5.5 %
4	Chicago-Naperville-Elgin, IL-IN	$894,561	58	-7.9 %
5	Boise City, ID	$1,349,960	60	-25.5 %
6	Houston-Pasadena-The Woodlands, TX	$794,576	61	3.4 %
7	Phoenix-Mesa-Chandler, AZ	$1,377,525	64	1.6 %
8	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$898,989	64	-9.9 %
9	Seattle-Tacoma-Bellevue, WA	$1,791,469	65	0.0 %
10	Naples-Marco Island, FL	$3,497,370	65	-23.5 %

Slowest Moving Luxury Markets

Rank	Area	10% Most Expensive Listings Start at:	Median Days on Market for Top 10%:	Median Days on Market for Top 10% YoY:
0	USA	$1,199,977	78	0.0 %
1	Bend, OR	$1,850,000	146	14.1 %
2	Heber, UT	$6,637,500	136	-0.7 %
3	Kahului-Wailuku, HI	$3,659,000	119	-17.4 %
4	Santa Rosa-Petaluma, CA	$3,500,000	116	-17.14 %
5	Crestview-Fort Walton Beach-Destin, FL	$2,895,000	116	-3.8 %
6	Portland-Vancouver-Hillsboro, OR-WA	$1,293,535	114	9.1 %
7	Oxnard-Thousand Oaks-Ventura, CA	$2,996,400	100	25.9 %
8	San Antonio-New Braunfels, TX	$766,548	99	7.0 %
9	Port St. Lucie, FL	$1,053,500	99	-4.8 %
10	Tampa-St. Petersburg-Clearwater, FL	$1,090,656	93	8.1 %

Top 10 Markets by 90th Percentile Listing Price

Rank	Area	Metro/Micro	10% Most Expensive Listings Start at:	10% Most Expensive Listings YoY	Average Annual Million-Dollar Listing Count	Multiple Median Listing Price
1	Heber, UT	Micro	$6,637,500	9.9 %	858	4.6
2	Key West-Key Largo, FL	Micro	$5,000,000	0.0 %	835	3.8
3	Los Angeles-Long Beach-Anaheim, CA	Metro	$4,002,585	-4.9 %	9,199	3.7
4	Bridgeport-Stamford-Danbury, CT	Metro	$3,999,600	-11.0 %	544	5.2
5	San Jose-Sunnyvale-Santa Clara, CA	Metro	$3,798,000	-5.1 %	1,020	2.9
6	Kahului-Wailuku, HI	Metro	$3,659,000	-21.0 %	697	3.5
7	Santa Rosa-Petaluma, CA	Metro	$3,500,000	-12.3 %	502	3.6
8	Naples-Marco Island, FL	Metro	$3,497,370	-3.1 %	2,465	4.8
9	Oxnard-Thousand Oaks-Ventura, CA	Metro	$2,996,400	-8.6 %	658	3.0
10	New York-Newark-Jersey City, NY-NJ	Metro	$2,995,000	-9.1 %	11,624	4.0

Methodology
All data in this report is sourced from Realtor.com® listing trends as of November 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: Mallory Micetich, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/us-luxury-home-market-shows-mixed-pricing-and-divergent-selling-speeds-302647514.html

SOURCE Realtor.com

FAQ

What was the national 90th‑percentile luxury threshold reported on Dec 22, 2025 for NWS?

The 90th‑percentile luxury threshold was $1,199,977 for November 2025, down 2.3% YoY.

Which U.S. metros had the fastest luxury home sales in November 2025 for NWS?

Fastest metros included San Jose (56 days), Riverside–San Bernardino (57 days), and Washington, D.C. area (58 days).

Which luxury market had the largest annual price decline in the NWS report dated Dec 22, 2025?

Kahului–Wailuku, HI posted the largest decline with the luxury threshold down 21.0% YoY.

How did luxury selling speed change in Naples according to the NWS November 2025 data?

Naples–Marco Island luxury homes sold 23.5% faster YoY, with the 90th‑percentile near $3.50M.

What does the NWS report say about national luxury market days on market in November 2025?

National median days on market for luxury listings remained at 78 days, unchanged year over year.