5 Major US Metros Where You Can Still Buy a Luxury Home Under $1M
The era of the six-figure luxury home is in its twilight.
A new Redfin study found that the typical posh property costs $1 million or more in all but five remaining major U.S. metros. That’s down from eight in 2025, with Indianapolis, St. Louis, and Columbus, Ohio, falling off the list.
Look Farther: 4 Amazing Retirement Destinations Way Cheaper Than Florida
You’re Creative: 11 Unusual Ways To Make Extra Money (That Actually Work)
For context, 30 markets still boasted average luxury homes with single-comma asking prices in 2020, but in 2026, $1 million is no longer the zenith. It’s the entry level.
This article reveals where well-heeled buyers can still score a luxury home with a six-figure price tag, but hurry up if you’re a serious buyer — the price of residential exclusivity is rising quickly.
What Is a Luxury Home?
Luxury is a subjective term with vague parameters that extend beyond the sale price, which is always relative to the location. For example, $1 million in a modestly priced market can buy the hottest house in town, but in some big coastal cities, it’s not enough to get a realtor to return your calls.
In 2022, when six-figure luxury markets began rapidly evaporating nationwide, Realtor.com wrote that the primary ingredients are homes that are:
Expensive for the area
Rich in high-end amenities
Steeped in history
Constructed from premium materials
Secluded or private
The Final 5: Where Grandeur Still Sells for 6 Figures
The Redfin study found just five major metros with median luxury sale prices under $1 million.
Detroit: $719,252
Cleveland: $833,228
Pittsburgh: $904,202
Cincinnati: $952,523
San Antonio: $968,344
Without a substantial change in price trajectory, this list could easily shrink to just two or three markets in the near future. The year-over-year median sale price in San Antonio — already knocking on the two-comma club’s door — rose by 5.1% from 2025. It increased by 6.1% in Pittsburgh and leaped by 11% in Cleveland.
If $1M Sounds Pricey, Don’t Even Think About the Top 5
At the other end of the spectrum are the five most expensive markets for luxury properties in the United States, where $4 million isn’t enough to land in the middle of the pack, even in the cheapest metro of the bunch.
San Francisco: $6,648,922
Anaheim, California: $5,276,971
Miami: $4,855,331
Los Angeles: $4,512,482
West Palm Beach, Florida: $4,510,196
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
More From MoneyLion: