Luxury Market Diverges: Local Factors Drive Pricing and Sales Speeds
The U.S. luxury home market is telling two stories at once. Nationally, prices in the 90th percentile eased by 2.3% year-over-year in November 2025, dropping the luxury threshold to $1,199,977. Yet, beneath this broad trend lies a patchwork of divergent local conditions, with some luxury hotspots seeing rapid sales and others experiencing prolonged periods on market.
Price Declines Nationally, but Ultraluxury Segment Inch Up
According to the latest data from Realtor.com, the luxury landscape appears mixed. While entry-level and high-end luxury home prices broadly trended down, the highest segment—the top 1%—notched a slight monthly gain.
| Threshold | November 2025 | Monthly Change | YoY Change |
|---|---|---|---|
| Luxury Threshold (90th %ile) | $1,199,977 | -2.0% | -2.3% |
| High-End Threshold (95th %ile) | $1,930,853 | -1.2% | -2.7% |
| Ultra Luxury (99th %ile) | $5,490,492 | 0.5% | -2.4% |
| National Median Listing Price | $415,000 | -2.2% | -0.4% |
| Million-Dollar Listing Share | 12.8% | -0.4pp | 0.0pp |
Regional Disparities Stand Out: Speed Varies Widely
Times on market highlight just how different luxury housing can be across regions. Nationally, top-tier listings averaged 78 days unsold—identical to last year—but specifics diverged sharply. San Jose’s high-end homes moved in a brisk median of 56 days, while Bend, OR, clocked in at a sluggish 146 days. Naples-Marco Island, FL, was a standout, with luxury homes changing hands 23.5% faster than last year despite a slight drop in price threshold, suggesting persistent demand. Meanwhile, Kahului-Wailuku, HI, saw luxury price thresholds plummet 21%.
| Rank | Area | Top 10% Price Point | Median Days on Market | Days on Market YoY |
|---|---|---|---|---|
| 1 | San Jose-Sunnyvale-Santa Clara, CA | $3,798,000 | 56 | -6.7% |
| 2 | Riverside-San Bernardino-Ontario, CA | $1,249,999 | 57 | 0.0% |
| 3 | Washington-Arlington-Alexandria, DC | $1,471,468 | 58 | 5.5% |
| 10 | Naples-Marco Island, FL | $3,497,370 | 65 | -23.5% |
| Rank | Area | Top 10% Price Point | Median Days on Market | Days on Market YoY |
|---|---|---|---|---|
| 1 | Bend, OR | $1,850,000 | 146 | 14.1% |
| 2 | Heber, UT | $6,637,500 | 136 | -0.7% |
| 3 | Kahului-Wailuku, HI | $3,659,000 | 119 | -17.4% |
| 4 | Santa Rosa-Petaluma, CA | $3,500,000 | 116 | -17.14% |
High-End Price Leaders: Only Heber, UT, Posts Annual Gains
Looking at the highest thresholds by metro, Heber, Utah, stands out not just for its $6.64 million luxury benchmark but also for being the only top-10 market with a year-over-year increase (+9.9%). Key West-Key Largo, FL, held steady, while all other leaders—including Los Angeles, Bridgeport-Stamford, and New York—saw declines, amplifying the theme that location drives outcomes in today’s market.
| Rank | Area | Market Type | Luxury Price Threshold | YoY Change | Million-Dollar Listings (Avg Annual) |
|---|---|---|---|---|---|
| 1 | Heber, UT | Micro | $6,637,500 | 9.9% | 858 |
| 2 | Key West-Key Largo, FL | Micro | $5,000,000 | 0.0% | 835 |
| 3 | Los Angeles-Long Beach-Anaheim, CA | Metro | $4,002,585 | -4.9% | 9,199 |
| 10 | New York-Newark-Jersey City, NY-NJ | Metro | $2,995,000 | -9.1% | 11,624 |
Takeaway: Luxury Market Direction Remains a Local Story
This month’s Realtor.com report puts into sharp focus how the luxury segment—long seen as a bellwether for broader market sentiment—is now shaped by ultra-local supply and buyer patterns. As national luxury thresholds drift down, buyers and sellers alike may find value in drilling below headline numbers to understand the local momentum driving price and pace in their target markets.
For News Corp (NASDAQ: NWS), the operator of Realtor.com, such granular insights represent an ongoing competitive advantage as they continue to serve buyers, sellers, and industry professionals seeking clarity in a patchwork housing landscape.
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