Buying a High-End Home? A Million Dollars Mostly Falls Short.
The report compared median prices from 2013 to 2025, in the three months of February through April, in the analysis. In 2013, the median luxury home cost under $1 million in 35 metros. By 2020, that figure fell to 30 metros. Historically low mortgage interest rates of the early 2020s help fuel pandemic home buying, reduce inventory and drive up prices. By 2025 the number of metros where luxury homes cost under $1 million fell to just seven.
In 2025, Detroit was the most affordable metro to buy a luxury home, with a median price of $753,851, about 44 percent less than the nationwide average. Cleveland, Pittsburgh and Indianapolis followed in the ranking.
'Buyers can get historic charm, large lots, and upscale finishes — often in walkable, tree-lined neighborhoods — for a small fraction of what a similar home would cost in cities like San Francisco or New York,' said Sheharyar Bokhari, a senior economist at Redfin who was quoted in the report.
San Francisco was the most expensive metro, with the median price of a luxury home there surpassing $6 million. San Jose and Anaheim, also in California, were next, and Miami and New York rounded out the top five most expensive metros.
But prices rose across the board, even in the least expensive places: Over the past decade, the median price of luxury homes in Detroit rose 81 percent, and in all seven metros where they come in at under $1 million, prices rose at least 52 percent.
The Trailing Metros
Luxury homes — those in the top 5 percent by sale price — cost over a million dollars in all but seven major U.S. metro areas.
MEDIAN LUXURY
HOME PRICE
IN 2015
MEDIAN LUXURY
HOME PRICE
IN 2025
MEDIAN LUXURY
HOME PRICE
IN 2015
MEDIAN LUXURY
HOME PRICE
IN 2025
METRO
METRO
Detroit
Cleveland
Pittsburgh
Indianapolis
St. Louis
Cincinnati
San Antonio
United States
$415,955
$476,170
$552,799
$553,161
$753,851
$757,046
$846,715
$914,276
$602,076
$547,238
$567,799
$717,004
$914,453
$931,145
$957,854
$1,348,065
MEDIAN LUXURY
HOME PRICE
IN 2015
MEDIAN LUXURY
HOME PRICE
IN 2025
METRO
Detroit
Cleveland
Pittsburgh
Indianapolis
St. Louis
Cincinnati
San Antonio
United States
$415,955
$476,170
$552,799
$553,161
$602,076
$547,238
$567,799
$717,004
$753,851
$757,046
$846,715
$914,276
$914,453
$931,145
$957,854
$1,348,065
Source: Redfin
By The New York Times
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