Luxury homes becoming common

Rising home prices have significantly changed the definition of luxury in major U.S. markets, with the $1 million threshold now seen as an entry point rather than true luxury. The number of homes valued at at least $1 million has increased from 1.5 million in 2005 to 6.9 million in 2024, making up 8% of the market. In high-cost areas like Hawaii, California, and Washington, D.C., a substantial portion of homes now exceed this value, whereas in less expensive states, only about 1% do. Experts note that the traditional benchmark no longer reflects luxury, as buyers now seek properties starting at higher prices, and the market is experiencing a divide between wealthy buyers and others.

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