There Are Now Only 5 Major Metros Where a Typical Luxury Home Costs Less Than $1 Million

Redfin, powered by Rocket (NYSE:RKT), reports that as of May 2026, only five of the 49 largest U.S. metros still have a median luxury home price under $1 million: Detroit, Cleveland, Pittsburgh, Cincinnati and San Antonio.

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Redfin reports Detroit is the most affordable metro for luxury homes, with a median price of $719,252—47.7% less than the typical luxury home nationwide, $1,374,470

SEATTLE--(BUSINESS WIRE)-- The typical luxury home costs less than $1 million in five of the top 49 most populous metros, down from eight in 2025. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.

The most affordable metro for buying a high-end home is Detroit, MI where the median sale price for a luxury home was $719,252 in May—47.7% less than the typical luxury home nationwide.

“The Detroit area has a lot of beautiful, high-end homes that are affordable here but would cost millions of dollars if they were in a major coastal metro area,” Anne Loehr, Redfin Principal Agent, said. “I don’t know how long it will last, especially as we see more people moving here from the coasts.”

Detroit, Cleveland, Pittsburgh, Cincinnati and San Antonio Are the Only Major Metros Where the Median Luxury Home Costs Less Than $1 Million

“Luxury home prices have continued to climb because wealthy buyers tend to be less constrained by mortgage rates and more focused on finding the right property. The fact that only five major metros still offer a typical luxury home for under $1 million shows just how much the high-end market has appreciated in recent years. For buyers looking to break into the luxury segment, those markets remain some of the few places where a seven-figure budget isn't yet the price of admission,” Yingqi Xu, Redfin Senior Economist, said.

Luxury Prices in Indianapolis, St. Louis and Columbus Cross the $1 Million Mark

Fast home price growth pushed Indianapolis and St. Louis across the $1 million threshold, having seen high-end home prices rise 9% and 10.9%, respectively, over the past year. The typical luxury home in Indianapolis now costs $1,009,314; in St. Louis, it costs $1,028,596.

In Columbus, luxury home prices grew at a slower pace, up 2.9% year over year, reaching $1,017,342 in May.

Nationwide, the median luxury home sale price is $1,374,470, up 4.7% from last year.

The 5 Major U.S. Metros Where You Can Still Buy a Luxury Home For Less Than $1 Million, May 2026

Ranking	Metro area	Luxury median home sale price (2026)	Luxury median home sale price (YoY)
1.	Detroit, MI	$719,252	-1.0%
2.	Cleveland, OH	$833,228	11%
3.	Pittsburgh, PA	$904,202	6.1%
4.	Cincinnati, OH	$952,523	0.3%
5.	San Antonio, TX	$968,344	5.1%
This report is based on a Redfin analysis of MLS data that is subject to revision. All figures cover a three month period ending in May 2026. Redfin defines luxury homes as those estimated to be in the top 5% of their metro area’s price range.

California and Florida Dominate the Nation’s Most Expensive Luxury Housing Markets

San Francisco remains the priciest major metro, with the typical luxury home selling for roughly $6.6 million during the three months ending in May. Anaheim ($5.3 million), Miami ($4.9 million), Los Angeles ($4.5 million) and West Palm Beach ($4.51 million) round out the five most expensive luxury markets.

The 5 Major U.S. Metros With the Most Expensive Luxury Homes, May 2026

Ranking	Metro area	Luxury median home sale price (2026)	Luxury median home sale price (YoY)
1.	San Francisco, CA	$6,648,922	6%
2.	Anaheim, CA	$5,276,971	2.2%
3.	Miami, FL	$4,855,331	14.2%
4.	Los Angeles, CA	$4,512,482	4.9%
5.	West Palm Beach, FL	$4,510,196	1.3%
This report is based on a Redfin analysis of MLS data that is subject to revision. All figures cover a three month period ending in May 2026. Redfin defines luxury homes as those estimated to be in the top 5% of their metro area’s price range.

The divide between luxury and non-luxury home prices continues to widen in many metros.

Luxury homes in West Palm Beach, FL sold for a median sale price of $4.5 million, nearly nine times more costly than the typical non-luxury home.

The South Florida metro has the biggest luxury home price premium among the 49 most populous U.S. housing markets, followed closely by neighboring Miami. In Miami, the typical luxury home sale price was $4,855,311, up 14.2% year over year, the largest increase among the five most expensive luxury markets.

To view the full report, including charts and full metro-level data, please visit:
https://www.redfin.com/news/major-metros-luxury-homes-still-under-million-dollars

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260708105861/en/

Contact Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com

Source: Redfin

Key Terms

yoy financial

Year-over-year (YoY) measures how a financial number—like revenue, profit, or sales—has changed compared with the same period one year earlier, usually expressed as a percentage. It helps investors strip out regular seasonal swings (like holiday sales) by comparing apples to apples, so they can see whether a company’s underlying performance is truly improving, weakening, or holding steady. Think of it as checking this month’s report card against last year’s same month to spot real trends.