According to a new report from Realtor.com, national luxury home prices continued to soften in November, with the 90th-percentile threshold dipping to $1.20 million, down 2.3% from a year ago.
The November Realtor.com Luxury Housing Report said that while the ultraluxury segment showed modest monthly growth, the broader luxury market is showing a mixed landscape, with some metros moving quickly and others seeing slower turnover.
The report said that among the nation’s most expensive markets, eight of the top 10 posted annual price declines were led by Kahului–Wailuku, Hawaii, where luxury thresholds fell 21% year over year. By contrast, Heber, Utah, saw its luxury threshold climb nearly 10%, and Key West–Key Largo, Florida, stayed steady.
“Luxury home dynamics are increasingly driven by local factors rather than national trends,” said Antony Smith, senior economist at Realtor.com. “Some high-cost metros are experiencing brisk demand and fast turnover, while others face slower sales even at elevated price points. Understanding these local dynamics is key for both buyers and sellers in today’s luxury market.”
Luxury Home Days on Market Stays Unchanged
Realtor.com said that nationally, luxury homes spent a median of 78 days on the market in November, which wss unchanged from the previous year. San Jose–Sunnyvale–Santa Clara, California, led the nation with top-tier homes selling in a median of 56 days, while Bend, Oregon, recorded the slowest pace at 146 days.
Naples–Marco Island, Florida, also was stood out, Realtor.com said, with luxury homes selling 23.5% faster year over year. The metro’s luxury threshold sits at $3.5 million, slightly down from last year, while the top 10% of listings are moving quickly amid ample supply.
Overall, November’s results illustrate a luxury market defined less by national trends than by localized pricing, inventory alignment, and buyer urgency. Markets where pricing and demand are well-matched are seeing homes move rapidly, while other high-priced metros face slower sales, reflecting a nuanced landscape for high-end buyers and sellers alike.
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