The current real estate market in the United States is seeing a surge in the number of homes worth $1 million or more, reaching an all-time high. This trend is driven by continuously rising home prices across the country.
While million-dollar homes were once considered exclusive to the ultra-wealthy, they are now becoming more common among the general population. For example, in San Francisco, the median-priced home sells for over $1.6 million, significantly higher than the national median of $441,000. On the other hand, in Detroit, $1 million listings are scarce.
Currently, there are only 7 major metropolitan areas where a luxury home, valued in the top 5% of homes, costs less than $1 million, compared to 30 such areas just five years ago.
According to Jonathan Huffer, a Redfin Premier agent specializing in luxury properties in Palm Beach, FL, “The $1 million mark used to signify true luxury, but now, in many parts of the country, it simply represents the price of a typical home. This is a reflection of the significant rise in home prices, particularly in coastal markets where million-dollar listings have become more common.”
Curious about what $1 million can buy in today’s market? We have compiled listings from Redfin.com to showcase the variety of properties available in 25 different cities, ranging from wooded mansions to urban condos.
1. Alexandria, VA
3210 Old Dominion Blvd, Alexandria, VA 22305
Arlington houses come at a premium. This Colonial offers 3 beds, 2 baths, and 1,906 sq ft on a wooded quarter-acre lot. Compared to somewhere like New Haven, you get half the square footage for the same price.
Methodology
All listings were verified by a Redfin real estate agent and were active as of July 9, 2025. Data on the housing market was sourced from Redfin and covers information up to May 2025.