The List of Metros Where a Luxury Home Costs Less Than $1 Million Keeps Shrinking

• July 8th

by UrbanTurf Staff

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The club of major U.S. metros where a high-end home can still be had for less than seven figures is getting smaller. 

A new report from Redfin found that the median luxury home now sells for under $1 million in just five of the country's 49 most populous metro areas -- Detroit, Cleveland, Pittsburgh, Cincinnati and San Antonio -- down from eight a year ago. Indianapolis, St. Louis and Columbus all crossed the $1 million threshold over the past year, and nationally, the median luxury home now sells for $1,374,470, up 4.7% year-over-year. Redfin defines luxury homes as those in the top 5% of a metro area's price range.

The DC region sits comfortably on the pricier end of the spectrum. The median luxury home in the area sold for $2,040,078, roughly 48% above the national luxury median, though annual price growth in the region was a relatively tame 3%, below the national pace. 

While pricey, the DC area's luxury market looks like a bargain next to the coasts. San Francisco remains the nation's most expensive metro for high-end homes, where the median luxury sale approached $6.65 million, followed by Anaheim ($5.28 million), Miami ($4.86 million), Los Angeles ($4.51 million) and West Palm Beach ($4.51 million). Miami saw the biggest jump among the top five, with luxury prices climbing 14.2% year-over-year.

This article originally published at https://dc.urbanturf.com/articles/blog/the_list_of_metros_where_a_luxury_home_costs_less_than_1_million_keeps_shri/24792.