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U.S. Luxury Home Market Shows Mixed Pricing and Divergent Selling Speeds

News Provided by PR Newswire2025-12-22

U.S. Luxury Home Market Shows Mixed Pricing and Divergent Selling Speeds

[22-December-2025]

National luxury prices ease while select markets see rapid turnover

AUSTIN, Texas, Dec. 22, 2025 /PRNewswire/ -- National luxury home prices continued to soften in November 2025, with the 90th-percentile threshold dipping to $1.20 million, down 2.3% from a year ago, according to the November Realtor.com^® Luxury Housing Report. While the ultraluxury segment showed modest monthly growth, the broader luxury market is experiencing a mixed landscape, with some metros moving quickly and others seeing slower turnover.

Among the nation's most expensive markets, eight of the top 10 posted annual price declines, led by Kahului–Wailuku, HI, where luxury thresholds fell 21% year over year. By contrast, Heber, UT, saw its luxury threshold climb nearly 10%, and Key West–Key Largo, FL, remained steady, underscoring the market's divergent trends.

"Luxury home dynamics are increasingly driven by local factors rather than national trends," said Antony Smith, senior economist at Realtor.com^®. "Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today's luxury market."

National Overview

	November 2025	Monthly Change	YoY Change
Luxury Threshold 90th Percentile	$1,199,977	-2.0 %	-2.3 %
High-End Luxury Threshold 95th Percentile	$1,930,853	-1.2 %	-2.7 %
Ultra Luxury Threshold 99th Percentile	$5,490,492	0.5 %	-2.4 %
National Median Listing Price	$415,000	-2.2 %	-0.4 %
Million-Dollar Listing Share	12.8 %	-0.4pp	0.0pp

Fastest and Slowest Luxury Markets

Nationally, luxury homes spent a median of 78 days on the market in November, unchanged from the prior year. Yet the variation across metros was striking. San Jose–Sunnyvale–Santa Clara, CA, led the nation with top-tier homes selling in a median of 56 days, while Bend, OR, recorded the slowest pace at 146 days.

Naples–Marco Island, FL, emerged as a standout, with luxury homes selling 23.5% faster year over year. The metro's luxury threshold sits at $3.50 million, slightly down from last year, while the top 10% of listings are moving quickly amid ample inventory, reflecting strong demand and post-hurricane market dynamics following Hurricane Milton in one of Florida's most desirable coastal markets.

Other fast-moving markets include Riverside–San Bernardino–Ontario, CA, and the Washington, D.C., area, where median selling times ranged from 57 to 58 days. Meanwhile, Heber, UT, Kahului–Wailuku, HI, and Santa Rosa–Petaluma, CA, remained among the slowest-moving luxury markets, highlighting that elevated prices and specialized buyer pools can slow sales even in desirable locales.

Luxury Pricing Trends

Overall, November's results illustrate a luxury market defined less by national trends than by localized pricing, inventory alignment, and buyer urgency. Markets where pricing and demand are well-matched are seeing homes move rapidly, while other high-priced metros face slower sales, reflecting a nuanced landscape for high-end buyers and sellers alike.

Fastest Moving Luxury Markets

Rank	Area	10% Most Expensive Listings Start at:	Median Days on Market for Top 10%:	Median Days on Market for Top 10% YoY:
0	USA	$1,199,977	78	0.0 %
1	San Jose-Sunnyvale-Santa Clara, CA	$3,798,000	56	-6.7 %
2	Riverside-San Bernardino-Ontario, CA	$1,249,999	57	0.0 %
3	Washington-Arlington-Alexandria, DC-VA-MD-WV	$1,471,468	58	5.5 %
4	Chicago-Naperville-Elgin, IL-IN	$894,561	58	-7.9 %
5	Boise City, ID	$1,349,960	60	-25.5 %
6	Houston-Pasadena-The Woodlands, TX	$794,576	61	3.4 %
7	Phoenix-Mesa-Chandler, AZ	$1,377,525	64	1.6 %
8	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$898,989	64	-9.9 %
9	Seattle-Tacoma-Bellevue, WA	$1,791,469	65	0.0 %
10	Naples-Marco Island, FL	$3,497,370	65	-23.5 %

Slowest Moving Luxury Markets

Rank	Area	10% Most Expensive Listings Start at:	Median Days on Market for Top 10%:	Median Days on Market for Top 10% YoY:
0	USA	$1,199,977	78	0.0 %
1	Bend, OR	$1,850,000	146	14.1 %
2	Heber, UT	$6,637,500	136	-0.7 %
3	Kahului-Wailuku, HI	$3,659,000	119	-17.4 %
4	Santa Rosa-Petaluma, CA	$3,500,000	116	-17.14 %
5	Crestview-Fort Walton Beach-Destin, FL	$2,895,000	116	-3.8 %
6	Portland-Vancouver-Hillsboro, OR-WA	$1,293,535	114	9.1 %
7	Oxnard-Thousand Oaks-Ventura, CA	$2,996,400	100	25.9 %
8	San Antonio-New Braunfels, TX	$766,548	99	7.0 %
9	Port St. Lucie, FL	$1,053,500	99	-4.8 %
10	Tampa-St. Petersburg-Clearwater, FL	$1,090,656	93	8.1 %

Top 10 Markets by 90th Percentile Listing Price

Rank	Area	Metro/Micro	10% Most Expensive Listings Start at:	10% Most Expensive Listings YoY	Average Annual Million-Dollar Listing Count	Multiple Median Listing Price
1	Heber, UT	Micro	$6,637,500	9.9 %	858	4.6
2	Key West-Key Largo, FL	Micro	$5,000,000	0.0 %	835	3.8
3	Los Angeles-Long Beach-Anaheim, CA	Metro	$4,002,585	-4.9 %	9,199	3.7
4	Bridgeport-Stamford-Danbury, CT	Metro	$3,999,600	-11.0 %	544	5.2
5	San Jose-Sunnyvale-Santa Clara, CA	Metro	$3,798,000	-5.1 %	1,020	2.9
6	Kahului-Wailuku, HI	Metro	$3,659,000	-21.0 %	697	3.5
7	Santa Rosa-Petaluma, CA	Metro	$3,500,000	-12.3 %	502	3.6
8	Naples-Marco Island, FL	Metro	$3,497,370	-3.1 %	2,465	4.8
9	Oxnard-Thousand Oaks-Ventura, CA	Metro	$2,996,400	-8.6 %	658	3.0
10	New York-Newark-Jersey City, NY-NJ	Metro	$2,995,000	-9.1 %	11,624	4.0

Methodology
All data in this report is sourced from Realtor.com® listing trends as of November 2025, 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 November 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: Mallory Micetich, press@realtor.com

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