Is the price of your dream home out of reach in the city where you live? No need to despair. There still remain a handful of major U.S. metros where your dream can come true with a budget of less than $1 million.
But you may be well advised not to wait too long. The number of metros with luxury homes in this category has shrunk from 35 in the years 2013 -- 2017 to 30 metros in 2020 and just seven in 2025. And those seven have seen prices increase significantly since 2015, according to a new report from Redfin.
The metro with the most bang for the buck is Detroit, where the median sales price of a luxury home is $753,851, up 81.2% since 2015 but 44% less than the typical luxury home nationwide.
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Prices in the other cities in the group include $757,046 (up 59%) in Cleveland, $846,715 (up 53.2%) in Pittsburgh, $914,276 (up 65.3%) in Indianapolis, $914,276 (up 51.9%) in St.Louis, $931,145 (up 70.2%) in Cincinnati, and $957,854 (up 68.7%) in San Antonio.
“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 home would cost in cities like San Francisco or New York,” commented Redfin senior economist Sheharyar Bokhari.
By contrast, the national median price for a luxury home in 2025 is $1,348,065, up 88% from 2015. The typical cost of a starter home in San Francisco was $972,825, and the typical luxury home in that city came with a median price of $6,092,801, representing a 59.2% increase.
In addition to San Francisco, the nation’s highest-priced luxury homes were in San Jose ($5,508,743, up 85.4%), Anaheim ($5,298,770, up 127%), Miami ($4,367,401, up 132.4%), and New York City ($4,216,813, up 33.4%).
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