Fewer than 500 listings define these high-cost areas
In some parts of the US housing market, $1 million is no longer a luxury but the baseline.
A report from Realtor.com identified 13 housing markets where at least half of active listings are priced above $1 million, but each has fewer than 500 such homes available. The focus is on smaller markets where prices are driven by limited supply, not just high regional costs.
Among them, Nantucket stands out. Nearly all homes on the island are priced above $1 million, with a median listing price of $4.08 million. The market averages about 138 homes at that level each year, even though only around 14,000 people live there year-round.
A similar trend appears in Vineyard Haven on Martha’s Vineyard, where 90% of listings are above $1 million. The median price there is $2.4 million. In the West, Jackson has a median listing price of $1.75 million, making it one of the pricier markets on the list.
Anthony Smith, senior economist at Realtor.com, said the list highlights markets where prices are shaped by limited supply. He pointed to geography and local rules as key factors. In particular, island markets have little room to expand and strict building rules, which limit new homes.
“You have finite land, strict building and preservation codes, and that combination sets a real premium on what’s available,” Smith said.
This isn’t just a coastal issue. In Jackson Hole, where Jackson is located, most land is protected, leaving only about 3% privately owned. That keeps supply tight even in a large area.
Five of the 13 markets are in California, while others are spread across smaller locations like Kapaa and Hailey. One of the more affordable markets on the list is Petoskey, where just over half of listings are priced above $1 million. The median price there is $1.1 million.
“When you look at what defines a luxury market, it’s all there: waterfront views on Little Traverse Bay, ski access in the winter, resort-style living,” Smith said.
At the high end, the gap between markets becomes clearer. In Petoskey, the top 1% of homes start just under $8 million. In Rifle, that same tier starts at nearly $59.2 million. The town is about 70 miles from Aspen.
The report also shows signs of a broader slowdown. Nationwide, the top 10% of home prices—the luxury threshold—was $1.25 million in March, which is down 2.9% from a year earlier. The overall median home price also fell 2.2% over the same period.
Still, prices moved up slightly month to month. From February to March, the luxury threshold rose 3.7%, while overall home prices increased 3%, pointing to typical spring activity.
