Brokers navigated a November market where luxury listings moved at starkly different speeds
National luxury listing prices edged down again in November even as some of the country’s priciest enclaves saw homes sell faster, underscoring how local forces have continued to outweigh any single national narrative for high-end borrowers and their brokers.
Realtor.com’s latest Luxury Housing Report showed the 90th‑percentile “entry‑level luxury” threshold slipping to $1,199,977 in November, down 2.3% year over year, while the 99th‑percentile ultraluxury bar ticked up modestly to $5,490,492.
Nationally, million‑dollar listings made up 12.8% of inventory and the median luxury home spent 78 days on market, flat from a year earlier, even as individual metros diverged sharply.
“Luxury home dynamics are increasingly driven by local factors rather than national trends,” Antony Smith, senior economist at Realtor.com, said.
“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.”
San Jose–Sunnyvale–Santa Clara, Calif., led the country with top‑tier homes selling in a median of 56 days, while Riverside–San Bernardino–Ontario, Calif., and the Washington, D.C., metro all saw median selling times under two months for the top 10% of listings.
By contrast, Bend, Ore., recorded a 146‑day median for luxury listings, the slowest in the nation, with Heber, Utah, and Kahului–Wailuku, Hawaii, also among the laggards despite eye‑watering thresholds starting above $3.6 million.
Naples–Marco Island, Fla., stood out as a split story for borrowers and brokers. The market’s luxury threshold sat near $3.50 million, slightly lower than a year earlier, but high‑end homes sold 23.5% faster as inventory remained plentiful and post‑hurricane rebuilding after Hurricane Milton reshaped demand in one of Florida’s most closely watched coastal markets.
Broader luxury trends have remained uneven. A recent Redfin analysis found US luxury home prices rose about 5% in the third quarter of 2025, roughly twice the pace of non‑luxury homes, as cash‑heavy buyers used high‑end real estate as a safe place to park their money amid economic uncertainty.
That gap has contrasted with a more subdued tone in mainstream housing, where one survey highlighted a market that continued to favor buyers and agents remained split on the 12‑month outlook.
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