Realtor.com®: Where $1 Million Buys the Most Space - from 4,500 Sq. Ft. in Atlanta to only 1,700 in Honolulu

Buyers in Atlanta, Denver, and Dallas get the most space for their money as luxury home prices ease 2.4% year over year nationwide

AUSTIN, Texas, Oct. 27, 2025 /PRNewswire/ -- While the national entry point for luxury homes edged down slightly in September, buyers shopping with a million-dollar budget are finding that their money stretches much further in some parts of the country than others. According to the latest Realtor.com^® Housing Market Luxury Report, buyers in metros such as Atlanta, Denver, and Houston can get significantly more space for the same $1–$2 million price range – often more than twice the square footage available in coastal markets like San Francisco or Honolulu.

The report also shows the top end of the market continues to show signs of moderation. The national luxury benchmark – defined as the 90th percentile of listing prices – dipped -0.5% month over month and -2.4% year over year to $1.24 million.

"We're seeing a healthy rebalancing in the luxury home market after years of volatility," said Danielle Hale, chief economist at Realtor.com^®. "The modest softening in luxury prices points to a market where buyers and sellers are adjusting expectations in line with broader economic conditions. In many cases, demand remains strong for well-priced homes, especially those that deliver distinctive space, quality or location."

National luxury market continues to normalize, with modest price declines and slightly longer time on market
In September, the national luxury price threshold fell to $1.24 million (from $1.25 million in August), marking a fourth consecutive month of slight declines. The high-end luxury tier (95th percentile) dropped 1.2% to $1.95 million, while the ultra-luxury segment (99th percentile) dipped 0.2% to $5.41 million.

Luxury homes also continue to take longer to sell compared with the overall market – roughly 20 days longer for the 90th percentile and up to 50 days longer for the top 1% of listings. In September, luxury homes spent a median of 79 days on the market, one day longer than August and five days longer than a year ago. However, these longer timelines are consistent with historic norms and reflect the more selective nature of luxury transactions.

Santa Barbara, Calif., claims the top spot as the nation's most expensive luxury market, with the top 10% of listings beginning at $8.95 million. Heber, Utah was the No. 2 market, buoyed by resort-driven demand and limited inventory. There was some minor shifting among the remaining top 10, with the biggest change being Rifle, Colo., which dropped off the list from last month after it no longer met the 500 million-dollar listings minimum for inclusion in the analysis.

National Luxury Market Overview

Top 10 Markets by 90th Percentile Listing Price

Where $1 million goes the furthest – and shortest
Nationally, homes listed between $1 million and $2 million averaged 2,994 square feet in September. But in markets like Atlanta, Denver, and Houston, buyers could expect more than 4,000 square feet — roughly 50% more space than the national average. At the other end of the spectrum, space comes at a premium in Honolulu, where the typical $1million – $2 million listing offers just 1,651 square feet, followed by San Jose (1,688 sq. ft.) and San Francisco (1,855 sq. ft.).

"Luxury buyers are increasingly seeking value — and that doesn't always mean a lower price tag, but rather more home for the money. In markets like Honolulu or the Bay Area, buyers are paying for proximity, views, and prestige — not square footage," said Realtor.com^® Senior Economist Anthony Smith. "By contrast, in inland metros across the South and Midwest, high-end buyers can often find larger, newer homes with land and amenities that would cost two or three times as much in more supply-constrained coastal metros."

Most Square Feet for the Money ($1 Million – $2 Million Price Tier)

Least Square Feet for the Money ($1 Million – $2 Million Price Tier)

Methodology
All data in this report are sourced from Realtor.com^® listing trends as of September 2025, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those included in listings feeds provided by MLS platforms 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 September 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: Sara Wiskerchen, [email protected]

SOURCE Realtor.com