The price of admission for America’s high-end housing market just got a little cheaper, provided you know where to look.
According to the November 2025 Luxury Housing Report released by Realtor.com®, national luxury home prices continued to soften last month. The threshold for the top 10% of the market—the “entry-level” for luxury real estate—dipped to $1.20 million, marking a 2.3% decline compared to November 2024. While the ultra-luxury sector (the top 1%) saw a modest month-over-month bump, the broader data suggests the days of uniform price hikes across the country are over.
Instead, the market has fractured into a series of localized battles where some cities are seeing brisk turnover while others stall out.
“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.”
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Winners, Losers, and the “Million-Dollar Markdown”
The report highlights a significant cooling trend in some of the nation’s historically priciest zip codes. Among the top 10 most expensive markets, eight posted year-over-year price declines. The sharpest drop occurred in Kahului–Wailuku, Hawaii, where luxury price thresholds plummeted by 21%.
However, not every market is shrinking. Heber, Utah, defied the national slump with a near 10% jump in its luxury threshold, cementing its place as the most expensive market on the list with listings starting at over $6.6 million.
The Florida Factor: Hurricane Milton and Coastal Resilience
Florida’s luxury market proved particularly resilient, showing divergent trends that underscore the “local” nature of real estate.
Naples–Marco Island emerged as a surprising standout performance. despite the lingering impacts of Hurricane Milton. Luxury homes in the area are selling 23.5% faster than they did a year ago, with the median time on market dropping to 65 days. The region maintained a luxury entry point of roughly $3.5 million, signaling that demand for Southwest Florida’s coast remains robust despite recent weather events.
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Meanwhile, Key West–Key Largo held steady as the second most expensive market in the nation, with top-tier listings starting at a flat $5 million.
Not all Sunshine State metros moved at the same speed, however. The report listed Crestview–Fort Walton Beach–Destin, Port St. Lucie, and the Tampa–St. Petersburg–Clearwater metro area among the slowest-moving luxury markets in the country. In Tampa Bay, high-end homes spent a median of 93 days on the market, an 8% increase from the previous year.
Speed of Sale: Silicon Valley vs. The High Desert
Nationally, luxury homes spent a median of 78 days on the market, a figure unchanged from 2024. But geography dictated the pace.
Buyers in San Jose–Sunnyvale–Santa Clara, California, had to move quickly, with top-tier homes flying off the market in just 56 days—the fastest pace in the U.S. Conversely, sellers in Bend, Oregon, faced the longest waits, with luxury properties lingering for a median of 146 days.
Smith noted that understanding these specific local dynamics is now critical for buyers and sellers, as the era of a single, unified “luxury market” appears to be fading in favor of a complex, city-by-city landscape.
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