U.S. luxury home market shows mixed price trends and selling speeds in 2025 Realtor.com report

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National luxury home prices continued to soften in November 2025, with the 90th-percentile threshold dipping to $1.20 million, down 2.3% from a year ago, according to the November Realtor.com® Luxury Housing Report. While the ultraluxury segment showed modest monthly growth, the broader luxury market is experiencing a mixed landscape, with some metros moving quickly and others seeing slower turnover. 

Among the nation’s most expensive markets, eight of the top 10 posted annual price declines, led by Kahului–Wailuku, HI, where luxury thresholds fell 21% year over year. By contrast, Heber, UT, saw its luxury threshold climb nearly 10%, and Key West–Key Largo, FL, remained steady, underscoring the market’s divergent trends. 

“Luxury home dynamics are increasingly driven by local factors rather than national trends,” said Antony Smith, senior economist at Realtor.com®. “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.” 

Fastest and Slowest Luxury Markets 

Nationally, luxury homes spent a median of 78 days on the market in November, unchanged from the prior year. Yet the variation across metros was striking. San Jose–Sunnyvale–Santa Clara, CA, led the nation with top-tier homes selling in a median of 56 days, while Bend, OR, recorded the slowest pace at 146 days. 

Naples–Marco Island, FL, emerged as a standout, with luxury homes selling 23.5% faster year over year. The metro’s luxury threshold sits at $3.50 million, slightly down from last year, while the top 10% of listings are moving quickly amid ample inventory, reflecting strong demand and post-hurricane market dynamics following Hurricane Milton in one of Florida’s most desirable coastal markets. 

Other fast-moving markets include Riverside–San Bernardino–Ontario, CA, and the Washington, D.C., area, where median selling times ranged from 57 to 58 days. Meanwhile, Heber, UT, Kahului–Wailuku, HI, and Santa Rosa–Petaluma, CA, remained among the slowest-moving luxury markets, highlighting that elevated prices and specialized buyer pools can slow sales even in desirable locales. 

Luxury Pricing Trends 

Overall, November’s results illustrate a luxury market defined less by national trends than by localized pricing, inventory alignment, and buyer urgency. Markets where pricing and demand are well-matched are seeing homes move rapidly, while other high-priced metros face slower sales, reflecting a nuanced landscape for high-end buyers and sellers alike.