The U.S. housing markets where million-dollar listings are standard

• Nantucket tops the list with 99% of active listings priced at $1 million or more and a median of $4.08 million, followed by Vineyard Haven at $2.4 million and Jackson, Wyoming at $1.75 million
• Five of the 13 luxury markets are in California, with others scattered from Kapaa, Hawaii to Petoskey, Michigan, which offers the most affordable entry point at $1.1 million median
• The national luxury threshold (90th percentile) stands at $1.25 million, down 2.9% annually but up 3.7% from February as spring market activity increases

Summary: U.S. Luxury Housing Markets Where Million-Dollar Listings Dominate

Key Findings

Realtor.com identified 13 U.S. housing markets where at least half of active listings exceed $1 million, with fewer than 500 such properties available. These markets represent "pure luxury" destinations rather than areas with generally high regional housing costs.

Top Markets

Nantucket, Massachusetts leads with 99% of listings priced above $1 million and a median listing price of $4.08 million. The island, home to 14,000 year-round residents, averages 138 million-dollar listings annually. Ultra-luxury properties (top 1%) start at $25.8 million.

Vineyard Haven, Massachusetts ranks second with 90% of listings exceeding $1 million and a $2.4 million median price.

Jackson, Wyoming claims third place with a $1.75 million median and 68% of listings above the million-dollar threshold, driven by scarcity—only 3% of Jackson Hole land is privately owned.

Geographic Distribution

Five of the 13 markets are in California, including Santa Barbara ($1.7M median), Napa ($1.3M), and San Luis Obispo ($1.1M). Other notable markets include Kapaa, Hawaii; Hailey, Idaho; and Bozeman, Montana. Petoskey, Michigan, represents the most affordable entry point at $1.1 million median.

Market Dynamics

Scarcity drives premium pricing through finite land availability, strict building codes, and conservation restrictions. The luxury housing market shows softness mirroring overall trends, with the national luxury threshold ($1.25M) down 2.9% year-over-year in March. However, prices rebounded 3.7% month-over-month from February, suggesting spring market firming.

Ultra-luxury thresholds vary dramatically, from $8 million in Petoskey to $59.2 million in Rifle, Colorado.