America's Oldest vs. Newest Luxury Markets: Realtor.com® Report Highlights the Evolving Faces of U.S. Luxury

Feb 11 2026 11:00 GMT

National luxury prices stabilize as buyers weigh the prestige of historic coastal enclaves against the modern scale of emerging Mountain and Sun Belt markets

AUSTIN, Texas , Feb. 11, 2026 /PRNewswire/ -- The U.S. luxury housing market opened 2026 with a stabilizing trend in pricing, defined by a fundamental difference in what luxury means from one region to the next. While national entry-level luxury prices held steady at $1.19 million, Realtor.com^® January Luxury Housing Report highlights how the definition of luxury is shifting between established legacy markets and new growth hubs.

According to the report, the national 90th-percentile luxury threshold remained essentially unchanged from a year ago (-0.6%). However, the report reveals a clear distinction in what buyers receive for their investment. In legacy markets like San Francisco and San Jose, the typical luxury home dates back to the mid-1970s. Meanwhile, in emerging markets like Heber, Utah, and Boise, Idaho, the luxury segment is driven almost entirely by brand-new construction.

"The age of luxury inventory in a given city tells a story of that market's lifecycle," said Danielle Hale, chief economist at Realtor.com^®. "In legacy coastal metros, we're seeing the results of maturity, where the most desirable luxury neighborhoods reached full build-out decades ago, leaving little room for new construction. Conversely, in the Mountain West and Sun Belt, we're seeing active expansion, where the luxury tier is being defined by a new wave of development designed to meet modern preferences for scale and customization."

January data suggests the broader luxury segment is entering a seasonal baseline, with the entry-level tier showing the most stability.

National Luxury Overview

Pricing	January 2026	Monthly Change	YoY Change
Luxury Threshold 90th Percentile	$1,193,085	0.0 %	-0.6 %
High-End Luxury Threshold 95th Percentile	$1,912,790	0.5 %	-3.0 %
Ultra Luxury Threshold 99th Percentile	$5,635,028	1.87 %	-4.3 %
Million-Dollar Listing Share	12.0 %	0.0pp	-0.3pp

Legacy Luxury: Paying for Postcodes, Not Square Footage

In the nation's oldest luxury markets, location and pedigree remain the primary drivers of value. These markets represent long-established high-end locations where luxury is defined by mature neighborhoods and architecture that has retained value through decades of scarcity.

San Francisco-Oakland tops the list with a median luxury build year of 1974, followed closely by San Jose (1977). In these established metros, homes in the $1 million to $2 million range are often more compact, averaging between 1,600 and 2,000 square feet, which is well below the national luxury average of 2,931 square feet. Despite the older housing stock, these markets move with speed; in San Jose, luxury homes sold in a median of just 19 days this January.

"In these legacy markets, buyers are often paying for the postcode and proximity to global economic hubs rather than brand-new finishes," said Anthony Smith, senior economist at Realtor.com^®. "Value is driven by the fact that there is simply a scarcity of land to develop. These properties represent a finite resource, allowing them to remain competitive and well-supported even in seasonal lulls."

Markets with the Oldest Luxury Homes

Rank	Area	10% Most Expensive Listings Start at:	Median Year Built for Top 10%	Median Days on Market for Top 10%	Median Days on Market for Top 10% YoY	Median Square Feet $1M – $2M
0	USA	$1,193,085	2003	92	1.7 %	2,931
1	San Francisco-Oakland-Fremont, Calif.	$2,499,000	1974	78	-13.1 %	1,863
2	San Jose-Sunnyvale-Santa Clara, Calif.	$3,150,000	1977	19	-65.5 %	1,684
3	New York-Newark-Jersey City, N.Y.-N.J.	$2,999,314	1990	114	-5.0 %	1,929
4	Urban Honolulu, Hawaii	$2,327,500	1992	96	8.5 %	1,430
5	Key West-Key Largo, Fla.	$5,295,000	1994	81	-18.4 %	1,611
6	Los Angeles-Long Beach-Anaheim, Calif.	$4,120,978	1996	88	7.3 %	1,981
7	Oxnard-Thousand Oaks-Ventura, Calif.	$2,997,000	1997	92	12.9 %	2,379
8	Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	$874,988	1997	86	-13.1 %	3,760
9	San Diego-Chula Vista-Carlsbad, Calif.	$2,949,920	1999	78	8.7 %	2,078
10 Tie	Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.	$1,439,143	2000	72	-6.5 %	3,307
10 Tie	Riverside-San Bernardino-Ontario, Calif.	$1,298,847	2000	77	6.9 %	2,924
11 Tie	Boston-Cambridge-Newton, Mass.-N.H.	$2,566,359	2001	97	-1.0 %	3,750
11 Tie	Chicago-Naperville-Elgin, Ill.-Ind.	$871,745	2001	78	-4.3 %	2,500

(Among metropolitan and micropolitan areas that averaged at least 500 million-dollar listings over the 12 months through January 2026)

New Growth Luxury: The Appeal of Scale and Modernity

Conversely, a different luxury landscape is emerging in the Sun Belt and Mountain West. In these metros, the high-end tier has been created more recently, evolving alongside rapid population growth. Luxury here is expressed through horizontal scale and modern layouts rather than historic charm.

Heber, Utah, leads the newest luxury markets with a median build year of 2024, followed by Boise City, Idaho (2021) and Raleigh, N.C. (2019). In these markets, the luxury dollar stretches significantly further in terms of living space. Metros like Minneapolis, Dallas, Houston, and Charlotte all offer luxury homes in the $1 million to $2 million range that average well above 3,500 square feet, even exceeding 4,000 square feet.

"These emerging markets reflect a shift in buyer preferences toward 'newness' and lifestyle amenities," Smith added. "While legacy markets offer history, these new growth areas offer a blank canvas with modern floor plans and expansive estates. It's a market where luxury is defined by the volume of the home and the recency of the build, attracting a buyer base that prioritizes contemporary design over traditional neighborhood prestige."

Markets with the Newest Luxury Homes

Rank	Area	10% Most Expensive Listings Start at:	Median Year Built for Top 10%	Median Days on Market for Top 10%	Median Days on Market for Top 10% YoY	Median Square Feet $1M – $2M
0	USA	$1,193,085	2003	92	1.7 %	2,931
1	Heber, Utah	$7,605,000	2024	85	-11.0 %	2,671
2	Boise City, Idaho	$1,375,000	2021	78	-11.9 %	3,270
3	Raleigh-Cary, N.C.	$1,029,747	2019	92	-14.0 %	3,881
4	Nashville-Davidson--Murfreesboro--Franklin, Tenn.	$1,545,408	2019	102	9.1 %	3,646
5	Crestview-Fort Walton Beach-Destin, Fla.	$2,738,400	2018	126	3.1 %	2,469
6	Atlantic City-Hammonton, N.J.	$2,343,400	2015	102	-2.4 %	1,990
7	Naples-Marco Island, Fla.	$3,605,114	2014	79	10.5 %	2,265
8	Orlando-Kissimmee-Sanford, Fla.	$893,137	2013	96	0.0 %	3,571
9	Minneapolis-St. Paul-Bloomington, Minn.-Wis.	$994,071	2012	101	1.3 %	4,193
9 Tie	San Antonio-New Braunfels, Texas	$749,566	2012	113	12.4 %	3,654
10 Tie	Dallas-Fort Worth-Arlington, Texas	$929,272	2010	81	-1.8 %	4,027
10 Tie	Houston-Pasadena-The Woodlands, Texas	$776,561	2010	74	3.5 %	4,100
11 Tie	Wilmington, N.C.	$1,177,000	2008	93	-4.4 %	2,866
11 Tie	Austin-Round Rock-San Marcos, Texas	$1,250,000	2008	102	5.7 %	3,217
11 Tie	Charlotte-Concord-Gastonia, N.C.-S.C.	$897,204	2008	99	15.8 %	3,897
11 Tie	Bend, Ore.	$1,844,200	2008	172	28.6 %	2,821

(Among metropolitan and micropolitan areas that averaged at least 500 million-dollar listings over the 12 months through January 2026)

Methodology

All data in this report is sourced from Realtor.com^® listing trends as of January 2026, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those posted on MLS platforms that provide listing feeds 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 January 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^®

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: Emily Do, press@realtor.com

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America's Oldest vs. Newest Luxury Markets: Realtor.com® Report Highlights the Evolving Faces of U.S. Luxury