AUSTIN, Texas, Feb. 11, 2026
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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SOURCE Realtor.com
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