HOUSTON – (By Dale King, Realty News Report) – House hunters looking to purchase an upscale domicile with a price tag containing fewer than seven digits face an unprecedented challenge, says a just-released report from the Redfin brokerage firm.
Redfin’s study determined that a typical lavish residence costs less than $1 million in only seven of the top 50 most populous metros in the nation, a drop from 30 urban centers only five years ago.
The most affordable area to buy a high-end property is Detroit, says Redfin, where the median price of a luxe residence was $753,851 in April — 44.1 percent less than the typical luxe home nationwide which sported a median price of $1,348,065 – up from $797,903 in 2020 and $797,903 in 2015.
Several Northern cities treat extravagance seekers to appropriately decked-out homes without breaking the million-dollar barrier. Only one Southern city’s median priced luxury home list hasn’t yet added a seventh digit: San Antonio.
“The Rust Belt’s relative affordability has preserved opportunities for luxury buyers that have all but disappeared in much of the country,” said Redfin Senior Economist Sheharyar Bokhari. “These metros haven’t 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—often in walkable, tree-lined neighborhoods—for a small fraction of what a similar residence would cost in luxury-heavy cities like San Francisco or New York.”
Redfin s defines ”luxury” homes as those in the top 5% of the market in terms of price within a given metro area, as determined by the prices of homes sold over the preceding 12 months.
The market for opulent digs under a million bucks wasn’t always so limited, says Redfin. From 2013 (the earliest data available) through 2017, 35 major metros offered luxe homes below $1 million. That number started to fall in 2018 and by 2020, it dropped to 30.
Then, the pandemic buying spree accelerated home price growth across all residential ranks — including the luxe bracket. Fast forward to 2025 and only seven major metros remain in the under-a-million category.
Rust Belt Rules
As stated, Detroit offers the best bargain for luxe homes in the nation with a median price tag of $753,851 — up from $532,706 in 2020 and $415,955 in 2015.
Cleveland is second with a median luxe dwelling price of $757,048 – up from $531,461 in 2020 and $476,170 in 2015.
Pittsburgh is third most affordable. A luxe home lists at $846,715, up from $618,837 in 2020 and $552,799 in 2015.
The remaining four cities are getting closer to the million-dollar limit. Indianapolis, ranked fourth, rings in at $914,276, up from $626,613 in 2020 and $602,076 in 2015.
St. Louis comes in fifth with a median luxe home price of $931,145, up from $616,613 in 2020 and $553,161 in 2015.
Cincinnati is sixth with a list price of $931,145, up from $600,709 in 2020 and $547,238 in 2015.
In San Antonio, ranked seventh, a buyer with a yen for extravagant surroundings can drop a million bucks for an eye-popping residence and get change after paying an estimated asking price of $957,854. That figure is up from $656,438 in 2020 and higher than the $567,799 that solidified a upscale home deal in 2015.
Most high-end homes in Texas cost $1 million+
Of the five Lone Star metros cited in the latest Redfin report, homes in four will cost the buyer more than a cool million.
Austin ranks Number 1, tipping the median luxe home price scale at $1,676,581, an increase of 89.1 percent since 2015.
Next up is Dallas where the price tag on a typical indulgent residence reads $1,597,106, a 91.7 percent jump in the past decade.
Houston snags third place. An average Bayou City manse charts in at $1,304,274, a figure that grew just over 50 percent in 10 years.
The average affluent home in Fort Worth can be scooped up for $1,195,369 – an amount that has grown 65.3 percent in 10 years.
San Antonio is closing in on the million-buck mark, but still lists typical luxury homes at about $957,854, as noted above.
“Market factors like investor demand and speculative buying can escalate the price for home buyers in a given area,” the Redfin report notes. While San Antonio likely hasn’t been immune to these forces, the report shows buyers can still find properties with historic charm, spacious lots and deluxe finishes at a lower rate than in most major metros.
San Francisco: Even a Starter Home Costs a Million
The typical luxury home in San Francisco sold for $6,092,801 in April—making it the most expensive of the top 50 metros. In fact, the typical cost of a San Francisco starter home was $972,825—more expensive than a luxury home in the seven most affordable metros listed in the just-released report.
Bay area neighbor San Jose is the second most expensive major metro for luxury homes, says Redfin, with a median price of $5,508,743. Another Golden State metropolitan area, Anaheim, was the third most expensive ($5,298,770) followed by Miami at $4,367,401.
New York was the fifth most expensive, with a median price of $4,216,813. But the Big Apple recorded the least growth of any of the top 50 metros between 2015 and 2025 – just 33.4 percent.
West Palm Beach registered the most growth over the past decade, with the price of a median luxury home jumping a massive 207.6 percent — from $1,343,114 to $4,132,048.
July 5, 2025 Realty News Report Copyright 2025
Photo Credit: Ralph Bivins, Realty News Report, Copyright 2025
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