High-net-worth homebuyers in a major metro area might have a budget between $1 million and $2 million. But what that money will buy them varies quite a bit across the country.
Nationally, an “entry level” luxury home — one at the 90th percentile of sale prices — costs $1.3 million, according to research released this month by realtor.com. An ultraluxury home — one in the 99th percentile of sale prices — costs just under $5.5 million.
The threshold for a luxury home has risen across the country, reshaped by migration, demand booms and rising price floors. Before the pandemic, a million-dollar home was in the nationwide top 10% of homes; in 2016, $1 million would have landed one near the top 5%.
Then mortgage rates cratered, and the entry-level luxury price tag skyrocketed from $796,922 in July 2016 to the current $1.3 million in July 2025. Today, Realtor.com said, it takes closer to $1.6 million to buy a home with the same luxury status that a $1 million listing carried 10 years ago.
Affluent homebuyers entering the luxury market think about qualities such as uniqueness, location and lifestyle. But at a basic level, they also consider their new home’s square footage.
According to Realtor.com, a budget of $1 million to $2 million yields a median 2,994 square feet nationally. However, sharp regional differences exist in what those dollars can buy: from more than 4,500 square feet in one market to less than 1,700 square feet in the most expensive ones.
Researchers sourced all data from Realtor.com listing trends as of September, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes and co-ops. Listings reflect only those posted on multiple listing services platforms that provide listing feeds to Realtor.com.
See the gallery for the five luxury markets that offer the largest homes for $1 million to $2 million, and the five that offer the smallest at that price point.
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