{"id":859441,"date":"2025-06-11T08:05:31","date_gmt":"2025-06-11T12:05:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/"},"modified":"2025-06-11T08:05:31","modified_gmt":"2025-06-11T12:05:31","slug":"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","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","title":{"rendered":"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"},"content":{"rendered":"

<\/p>\n

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<\/b><\/p>\n

Detroit is the most affordable metro for luxury homes, with a median price of $753,851\u201444.1% less than the typical luxury home nationwide. San Francisco is the most expensive, with a median price above <\/i>$6 million.<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN) \u2014 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<\/a> from Redfin (redfin.com<\/a>), the technology-powered real estate brokerage.<\/p>\n

\nThe most affordable metro for buying a high-end property is Detroit, where the median price for a luxury home was $753,851 in April\u201444.1% less than the typical luxury home nationwide.<\/p>\n

\nThat\u2019s according to an analysis of Redfin\u2019s 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.<\/p>\n

\nFrom 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.<\/p>\n

\nThen the pandemic buying spree accelerated home price growth across all tiers\u2014including 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

Major metros where the typical luxury home costs less than $1 million<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Metro<\/b><\/p>\n<\/td>\n

\n

Median luxury home sale price<\/b><\/p>\n

(2025)<\/b><\/p>\n<\/td>\n

\n

Median luxury home sale price<\/b><\/p>\n

(2020)<\/b><\/p>\n<\/td>\n

\n

Median luxury home sale price<\/b><\/p>\n

(2015)<\/b><\/p>\n<\/td>\n

\n

Price Growth<\/b><\/p>\n

2015 \u2192 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Detroit, MI<\/a><\/p>\n<\/td>\n

\n

\n$753,851<\/p>\n<\/td>\n

\n

\n$532,706<\/p>\n<\/td>\n

\n

\n$415,955<\/p>\n<\/td>\n

\n

\n81.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Cleveland, OH<\/a><\/p>\n<\/td>\n

\n

\n$757,046<\/p>\n<\/td>\n

\n

\n$531,461<\/p>\n<\/td>\n

\n

\n$476,170<\/p>\n<\/td>\n

\n

\n59.0%<\/p>\n<\/td>\n<\/tr>\n

\n

Pittsburgh, PA<\/a><\/p>\n<\/td>\n

\n

\n$846,715<\/p>\n<\/td>\n

\n

\n$618,837<\/p>\n<\/td>\n

\n

\n$552,799<\/p>\n<\/td>\n

\n

\n53.2%<\/p>\n<\/td>\n<\/tr>\n

\n

Indianapolis, IN<\/a><\/p>\n<\/td>\n

\n

\n$914,276<\/p>\n<\/td>\n

\n

\n$616,613<\/p>\n<\/td>\n

\n

\n$553,161<\/p>\n<\/td>\n

\n

\n65.3%<\/p>\n<\/td>\n<\/tr>\n

\n

St. Louis, MO<\/a><\/p>\n<\/td>\n

\n

\n$914,453<\/p>\n<\/td>\n

\n

\n$677,578<\/p>\n<\/td>\n

\n

\n$602,076<\/p>\n<\/td>\n

\n

\n51.9%<\/p>\n<\/td>\n<\/tr>\n

\n

Cincinnati, OH<\/a><\/p>\n<\/td>\n

\n

\n$931,145<\/p>\n<\/td>\n

\n

\n$600,709<\/p>\n<\/td>\n

\n

\n$547,238<\/p>\n<\/td>\n

\n

\n70.2%<\/p>\n<\/td>\n<\/tr>\n

\n

San Antonio, TX<\/a><\/p>\n<\/td>\n

\n

\n$957,854<\/p>\n<\/td>\n

\n

\n$656,438<\/p>\n<\/td>\n

\n

\n$567,799<\/p>\n<\/td>\n

\n

\n68.7%<\/p>\n<\/td>\n<\/tr>\n

\n

United States<\/b><\/p>\n<\/td>\n

\n

$1,348,065<\/b><\/p>\n<\/td>\n

\n

$797,903<\/b><\/p>\n<\/td>\n

\n

$717,004<\/b><\/p>\n<\/td>\n

\n

88.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe 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.<\/p>\n

\n\u201cThe Rust Belt\u2019s relative affordability has preserved opportunities for luxury buyers that have all but disappeared in much of the country,\u201d said Redfin Senior Economist Sheharyar Bokhari<\/a>. \u201cThese metros haven\u2019t 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\u2014often in walkable, tree-lined neighborhoods\u2014for a small fraction of what a similar home would cost in cities like San Francisco or New York.\u201d<\/p>\n

San Francisco is the most expensive metro for luxury homes<\/b><\/p>\n

\nThe typical luxury home in San Francisco sold for $6,092,801 in April\u2014making it the most expensive of the top 50 metros. In fact, the typical cost of a San Francisco starter <\/i>home (5th-35th percentile in price) was $972,825\u2014more expensive than a luxury <\/i>home in the seven most affordable metros listed above.<\/p>\n\n\n\n\n\n\n\n\n
\n

Top 5 major metros with the most expensive luxury homes<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Metro<\/b><\/p>\n<\/td>\n

\n

Median luxury home sale price<\/b><\/p>\n

(2025)<\/b><\/p>\n<\/td>\n

\n

Median luxury home sale price<\/b><\/p>\n

(2020)<\/b><\/p>\n<\/td>\n

\n

Median luxury home sale price<\/b><\/p>\n

(2015)<\/b><\/p>\n<\/td>\n

\n

Price Growth<\/b><\/p>\n

2015 \u2192 2025<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

San Francisco, CA<\/a><\/p>\n<\/td>\n

\n

\n$6,092,801<\/p>\n<\/td>\n

\n

\n$4,736,327<\/p>\n<\/td>\n

\n

\n$3,826,722<\/p>\n<\/td>\n

\n

\n59.2%<\/p>\n<\/td>\n<\/tr>\n

\n

San Jose, CA<\/a><\/p>\n<\/td>\n

\n

\n$5,508,743<\/p>\n<\/td>\n

\n

\n$3,525,854<\/p>\n<\/td>\n

\n

\n$2,971,934<\/p>\n<\/td>\n

\n

\n85.4%<\/p>\n<\/td>\n<\/tr>\n

\n

Anaheim, CA<\/a><\/p>\n<\/td>\n

\n

\n$5,298,770<\/p>\n<\/td>\n

\n

\n$2,794,243<\/p>\n<\/td>\n

\n

\n$2,334,732<\/p>\n<\/td>\n

\n

\n127.0%<\/p>\n<\/td>\n<\/tr>\n

\n

Miami, FL<\/a><\/p>\n<\/td>\n

\n

\n$4,367,401<\/p>\n<\/td>\n

\n

\n$1,889,601<\/p>\n<\/td>\n

\n

\n$1,879,541<\/p>\n<\/td>\n

\n

\n132.4%<\/p>\n<\/td>\n<\/tr>\n

\n

New York, NY<\/a><\/p>\n<\/td>\n

\n

\n$4,216,813<\/p>\n<\/td>\n

\n

\n$3,562,658<\/p>\n<\/td>\n

\n

\n$3,160,185<\/p>\n<\/td>\n

\n

\n33.4%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nBay 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).<\/p>\n

\nNew 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%)<\/p>\n

\nWest 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.<\/p>\n

\nTo view the full report, including a chart and full metro-level data, please visit: https:\/\/www.redfin.com\/news\/luxury-homes-million-dollar<\/a><\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) 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.<\/p>\n

\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.<\/p>\n

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

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250611385136\/en\/<\/a><\/span><\/p>\n

\nContact Redfin
\n
Redfin Journalist Services:
\n
Isabelle Novak
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Washington<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Internet<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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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 Detroit is the most affordable metro for luxury homes, with a median price of $753,851\u201444.1% less than the typical luxury home nationwide. San Francisco is the most expensive, with a median price above $6 million. SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 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 … <\/p>\n

Continue reading “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”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-859441","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRedfin 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 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"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 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"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 Detroit is the most affordable metro for luxury homes, with a median price of $753,851\u201444.1% less than the typical luxury home nationwide. San Francisco is the most expensive, with a median price above $6 million. SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 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. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","og_locale":"en_US","og_type":"article","og_title":"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 - Market Newsdesk","og_description":"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 Detroit is the most affordable metro for luxury homes, with a median price of $753,851\u201444.1% less than the typical luxury home nationwide. San Francisco is the most expensive, with a median price above $6 million. SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 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 … Continue reading \"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\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","og_site_name":"Market Newsdesk","article_published_time":"2025-06-11T12:05:31+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250611385136r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"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","datePublished":"2025-06-11T12:05:31+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/"},"wordCount":887,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250611385136r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/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\/","name":"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 - 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