Luxury Home Prices Fall for 31st Straight Month, 12 Markets Rise
The national luxury housing entry point dropped to $1.197M in October, but a dozen metros bucked the trend with annual price gains.
The national entry point for luxury housing fell to $1,197,014 in October, a 2.3% decline from a year earlier, extending a streak of annual price drops to 31 consecutive months, according to new data from Realtor.com.
Despite the broad national softening, 12 metropolitan markets recorded year-over-year gains in luxury prices, signaling that high-end real estate demand remains uneven across the country. Florida dominated that list, claiming five of the 12 markets where luxury prices moved higher.
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Naples, Florida led all markets with a 9.0% annual gain in luxury home prices, the strongest performance of any metro tracked in the report. The concentration of Florida metros among the outperformers points to continued migration-driven demand in the state's high-end coastal and resort communities, even as broader national conditions remain under pressure.
The 31-month run of declines reflects persistent headwinds for luxury real estate at the national level, including elevated mortgage rates and a recalibration of pandemic-era price appreciation. Still, the emergence of a dozen resilient markets suggests that localized demand factors — including lifestyle migration and constrained inventory — can override macro trends in select areas.
Continue reading at Real Estate for the full metro-by-metro breakdown and additional Realtor.com analysis.
