Redfin Reports There Are 7 Major Metros Where You Can Still Buy a Luxury Home for Less Than $1 Million, Down From 30 Just Five Years Ago

SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — The typical luxury home costs less than $1 million in seven of the top 50 most populous metros, down from 30 metros just five years ago. This is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

The most affordable metro for buying a high-end property is Detroit, where the median price for a luxury home was $753,851 in April—44.1% less than the typical luxury home nationwide.

That’s according to an analysis of Redfin’s home sale price-tier data, with luxury homes defined as those estimated to be in the top 5% of their respective metro area based on prices of homes sold over a rolling 12-month period. The data is calculated in rolling three-month periods, with this report covering February-April. Comparisons are made against the same time period in previous years.

From 2013 (the earliest data available) through 2017, there were 35 major metros where the median price for a luxury home was less than $1 million. That number started to fall in 2018 and by 2020, the number of metros was down to 30.

Then the pandemic buying spree accelerated home price growth across all tiers—including the luxury bracket. Fast forward to 2025, and only seven major metros remain where you can buy a luxury home for less than $1 million: Detroit, Cleveland, Pittsburgh, Indianapolis, St. Louis, Cincinnati and San Antonio.

The three most affordable metros for luxury homes align with the most affordable homebuying metros overall; Detroit ($195,000), Cleveland ($235,000) and Pittsburgh ($250,000) also recorded the lowest median home prices of the top 50 metros in April.

“The Rust Belt’s relative affordability has preserved opportunities for luxury buyers that have all but disappeared in much of the country,” said Redfin Senior Economist Sheharyar Bokhari. “These metros haven’t seen as much explosive investor demand or speculative buying, which has helped keep prices grounded. 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.”

San Francisco is the most expensive metro for luxury homes

The typical luxury home in San Francisco sold for $6,092,801 in April—making it the most expensive of the top 50 metros. In fact, the typical cost of a San Francisco starter home (5th-35th percentile in price) was $972,825—more expensive than a luxury home in the seven most affordable metros listed above.

Bay Area neighbor San Jose is the second most expensive major metro for luxury homes, with a median price of $5,508,743. Another California metro, Anaheim, was the third most expensive ($5,298,770), followed by Miami ($4,367,401).

New York was the fifth most expensive, with a median price of $4,216,813, but recorded the least growth of any of the top 50 metros between 2015 and 2025 (+33.4%)

West Palm Beach, FL recorded the most growth over the past decade, with the price of a median luxury home jumping a massive 207.6% from $1,343,114 to $4,132,048.

To view the full report, including a chart and full metro-level data, please visit: https://www.redfin.com/news/luxury-homes-million-dollar

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.