Just 7 US cities offer luxury homes for less than $1M — a massive decline from 2020 By . Mary K. Jacob. Published June 12, 2025, 12:11 p.m. ET. A million bucks ain’t what it used to be.

The median price of luxury homes in Detroit is $753,851, the lowest of the nation’s 50 largest metros. There are now only seven large U.S. cities where luxury homes cost $1 million—and six of ...

The average price of a luxury home in the U.S. sold for a record $1.18 million in the second quarter of 2024, up 8.8% from a year earlier, Redfin shows.

By comparison, non-luxury pending sales only declined 3.4 percent from last year, though the segment also was at its slowest since 2014. Luxury home prices reached near-record levels with a median ...