Million-Dollar Luxury Homes Disappear: Just 7 U.S. Cities Still Have Options Under $1M in 2025

The number of major U.S. cities with luxury homes priced under $1 million has plummeted. Only seven remain in 2025, down from 30 just five years ago, according to Redfin.

Detroit offers the most value, with top-tier homes selling for a median of $753,851—well below what buyers pay elsewhere. Close behind, Cleveland's upscale properties average $757,046. Pittsburgh rounds out the top three at $846,715.

"The Rust Belt's relative affordability has preserved opportunities for luxury buyers that have all but disappeared in much of the country," Redfin senior Economist Sheharyar Bokhari said in Redfin's report.

Four other cities keep their high-end homes under seven figures: Indianapolis, St. Louis, Cincinnati, and San Antonio. The prices seem modest next to San Francisco's staggering $6,092,801 average.

This marks a sharp shift from the mid-2010s. When 35 metro areas boasted sub-$1 million luxury listings. The COVID-19 pandemic helped fuel a nationwide surge in home values across all tiers.

West Palm Beach led the luxury market spike, with a 207.6% increase over the past decade, pushing the median to $4,132,048. Miami followed with a 132.4%, hitting $4,367,401. Las Vegas wasn't far behind, climbing 145% to $1,488,033.

San Francisco's housing market has grown so intense that even starter homes now average $972,825. Higher than the luxury median in all seven affordable cities. The Bay area dominated the high end space with top-tier San Jose at $5,508,743 and Anaheim at $5,298,770.

The Big Apple showed the smallest growth among major markets. New York's luxury prices inched up just 33.4% since 2015, settling at $4,216,813.

These stats come directly from Redfin's sales data, which tracks the top 5% of home sales in each market over rolling 12-month periods.