1057 ET - The typical luxury home costs less than $1 million in seven of the top 50 most populous metros, down from 30 metros just five years ago, Redfin says. The most affordable metro for buying a high-end property is Detroit, where the median price for a luxury home was $753,851 in April. That's 44.1% less than the typical luxury home nationwide. From 2013 through 2017, there were 35 major metros where the median price for a luxury home was less than $1 million. By 2020, the number of metros was down to 30. Pandemic buying accelerated home price growth across all tiers--including the luxury bracket. By 2025, only seven major metros remain where you can buy a luxury home for less than $1 million: Detroit, Cleveland, Pittsburgh, Indianapolis, St. Louis, Cincinnati and San Antonio. (chris.wack@wsj.com)
(END) Dow Jones Newswires
June 11, 2025 10:57 ET (14:57 GMT)
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