U.S. housing markets where million-dollar listings are standard

Key Points:

• Nantucket, Massachusetts, tops Realtor.com's list of luxury housing markets, with nearly all active listings priced at $1 million or higher and a median listing price of $4.08 million, reflecting its scarcity of land and strict building codes.
• Vineyard Haven in Martha's Vineyard and Jackson Hole, Wyoming, rank second and third respectively in concentration and median price of million-dollar listings, both influenced by limited land availability and conservation efforts.
• Realtor.com identified 13 U.S. luxury housing markets where at least half of active listings exceed $1 million but have fewer than 500 such listings, highlighting markets defined by scarcity rather than general regional high housing costs.
• Petoskey, Michigan, is a notable inclusion on the list, offering luxury amenities like waterfront views and ski access at a more affordable median listing price of $1.1 million, with ultra-luxury homes starting just under $8 million.
• Despite strong consumer spending in other sectors, the luxury housing market shows signs of softness with a slight year-over-year decline in the national luxury price threshold and median prices, though prices are firming up in the spring season.