Why $1 Million Homes Are No Longer "Luxury" in the Housing Market

Is a million-dollar price tag still the gold standard for luxury? In today’s market, $1 million has moved from a destination to a starting point. As demand, migration, and rising prices reshape the landscape, the definition of "luxury" has shifted upward. At Realtor.com, we believe luxury is local. Instead of a fixed price, we use price percentiles to define the market consistently across the country. In this video, we break down the three tiers of modern luxury: We break down the Price Percentile framework used to define the modern market: Luxury (The Top 10%): The entry point for a specific metropolitan area. High-End (The Top 5%): The true high-end tier. Ultraluxury (The Top 1%): Where uniqueness and lifestyle outweigh traditional valuation. Chapters 0:00 Is $1 million still the benchmark for luxury? | The "Million-Dollar" Myth 0:06 Why the luxury market shifted upward 0:14 Why luxury is local, not a fixed price 0:27 The 10% Rule: Defining the entry point 0:32 High-End vs. Ultraluxury 0:42 The $1M comparison: Estate vs. Fixer-upper 0:56 How wealth and migration move the goalposts 01:01 What is the luxury entry point in your city? WATCH NEXT Building a legacy starts with the right strategy. Watch our latest video: The New Rules of Generational Wealth: https://www.youtube.com/watch?v=0xGoz05kxMA RESOURCES & DATA 📈 Detailed Housing Reports: https://www.realtor.com/research/ 📊 Free Housing Data: https://www.realtor.com/research/data 🏠 Find your next home: https://www.realtor.com 📱 Download our mobile app: https://www.realtor.com/mobile JOIN THE COMMUNITY - Follow us on: Facebook: /realtor.com Instagram: /realtordotcom TikTok: /realtor.com Threads: https://www.threads.net/@realtordotcom X: /realtordotcom Pinterest: /realtordotcom #realtor #realestate