Not All Luxury Is Created Equal: Realtor.com® Maps 7 Levels of the High-End Market, From $680K to $75 Million

From regional hubs where luxury starts below $1 million to enclaves where nearly every listing clears that mark, the high-end market defies a single price threshold

AUSTIN, Texas, June 25, 2026 /PRNewswire/ -- As million-dollar price tags have become more common across the country, a new Realtor.com^® report finds that in many markets, $1 million still buys something different: luxury. Realtor.com^®'s 7 Levels of Luxury report maps the high-end market from Huntsville, Ala., where top-tier homes start near $759,000, to Aspen, Colo., where the 90th percentile of listings begins at nearly $25 million, revealing a luxury market that operates less like a single category and more like seven distinct ones.

The national baseline tells part of the story. As of May 2026, it takes roughly $1.28 million to reach the top 10% of homes nationally, up from about $1 million before the pandemic-era price surge. Million-dollar listings now represent 13.8% of all active inventory, compared to a pre-pandemic share of around 9%. But those averages obscure a wide range of what a million dollars actually buys. In markets like Huntsville and Lincoln, Neb., $1 million places a buyer firmly in the luxury tier, in homes averaging more than 4,300 square feet with newer construction and premium finishes. In Los Angeles, that same budget covers less than half the market.

The National Luxury Landscape, May 2026

"Luxury is not a price point, it's a percentile," said Anthony Smith, Senior Economist at Realtor.com^®. "What defines high-end housing in Huntsville or Lincoln looks nothing like what defines it in Jackson Hole or Malibu. The million-dollar benchmark was never a universal standard, and the data makes that clear."

The seven levels range from regional hubs, where large employers and land availability keep the luxury floor well below the national threshold, to markets that operate beyond the data: exclusive ZIP codes and island communities where the pool of potential buyers numbers in the thousands, not the millions. The table below shows one representative market per level, illustrating approximately how far the entry point to luxury can stretch.

The 7 Levels at a Glance: How the Luxury Entry Point Varies by Market

Within each level, the trade-offs are distinct. Level 1 markets like Huntsville and Lincoln, Neb., keep the luxury floor below $1 million, with newer construction and premium finishes that reflect how far a dollar goes when land isn't scarce.

At Level 2, emerging markets like Fayetteville-Springdale-Rogers, Ark., are actively building their luxury tiers, with more than 30% year-over-year growth in million-dollar listings. Level 3 established metros like Atlanta offer the widest range: a luxury entry at $994,000 and a media of 4,669 square feet in the $1 million to $2 million range.

"The markets that tend to surprise people are the ones where a million dollars goes furthest," said Anthony Smith, Senior Economist at Realtor.com^®. "In Huntsville or Lincoln, that budget puts you in a 4,000-plus square foot home at the top of the local market. That's not a compromise — that's luxury by any definition."

Level 4 markets like Seattle and Boise, Idaho, reflect lasting pandemic-era demand: Boise is one of only two metros nationally to fully surpass its pre-pandemic luxury peak. Level 5 and 6 markets, including Jackson, Wyo., and Martha's Vineyard, Mass., are defined by geographic constraints, limited buildable land, and in some cases, favorable tax structures that draw ultrahigh-net-worth buyers.

At the top of the framework, Level 7 markets operate in a category of their own, with buyer pools numbering in the thousands globally.

Appendix: The 7 Levels of Luxury — Market-by-Market Breakdown

Methodology

All data in this report is sourced from Realtor.com^® listing trends as of May 2026, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those provided by MLS platforms to Realtor.com^® via a listing feed. 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 May 2025 as the baseline.

Luxury by the Numbers

90th percentile = Entry-level luxury (top 10% of prices)

95th percentile = High-end luxury

99th percentile = Ultraluxury (often rare or custom properties)

About Realtor.com^®
For over 30 years, Realtor.com^® has connected buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR® agents recommend, Realtor.com^® delivers 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, [email protected]

SOURCE Realtor.com