Realtor.com Identifies 13 U.S. Housing Markets with High Concentrations of Million-Dollar Listings

S. housing markets where at least 50% of active listings are priced above $1 million, but each market has fewer than 500 such listings. The analysis focuses on markets characterized by high concentrations of luxury properties.

Nantucket, Massachusetts, leads with nearly 100% of its active listings at $1 million or higher, according to the report. The report highlights factors such as land scarcity and preservation codes contributing to these prices.

75 million. Five of the identified markets are in California, while others include Kapaa, Hawaii, and Hailey, Idaho. 1 million.

The report highlights markets defined by scarcity rather than broad regional high costs. Locations like Nantucket and Vineyard Haven, both islands, feature finite land and strict building and preservation codes. These factors contribute to elevated prices on available properties.

In non-coastal areas like Jackson, land scarcity arises from conservation efforts. Petoskey offers waterfront views on Little Traverse Bay, winter ski access, and resort-style living. Rifle, Colorado, is another market on the list located near Aspen.

Nationally, the luxury housing threshold, defined as the 90th percentile of home prices, was around $1.25 million recently. Luxury home prices have declined slightly year over year, while the overall median has increased modestly. These markets affect high-income buyers seeking exclusive properties, while broader trends influence the national housing sector.

The report provides insight into segments where demand for premium locations sustains high prices despite overall market softening. Future listings may continue to reflect these dynamics as seasonal factors and economic conditions evolve.