In 13 US Markets Most Homes Cost $1M+: Nantucket Leads with 99%

When seven figures stop being an outlier

Seven-figure listings are no longer outliers in parts of the United States. A growing slice of the real estate USA market now lists homes at $1 million and above, and for buyers and investors that changes the rules of engagement.

Realtor.com’s March 2026 Luxury Housing Report shows 13 markets where more than half of active listings are priced at $1 million or more. That finding is striking next to the national picture, where only 13.1 percent of listings clear the seven-figure mark. In short: in those 13 markets, luxury is not the top segment of the market — it is the market.

This article unpacks which places have become dominated by million-dollar listings, why that shift matters, how thresholds vary drastically across regions, and what buyers and investors need to consider before stepping into these pockets of concentrated wealth.

Which markets are now 'pure luxury' and why it matters

The 13 markets identified in the Realtor.com report include traditional resort enclaves and a few surprising entrants. The list, with headline figures from the report, reads like a map of lifestyle demand and constrained supply:

• Nantucket, Massachusetts — 99% of listings at $1M+; median listing price $4.08M
• Vineyard Haven (Martha’s Vineyard), Massachusetts — 90%; median $2.40M
• Jackson, Wyoming — 68%; median $1.75M
• Santa Maria–Santa Barbara, California — 69%; median $1.72M
• Rifle, Colorado — 58%; median $1.65M
• Hailey, Idaho — 62%; median $1.44M
• Kapa'a, Hawaii — 63%; median $1.40M
• Napa, California — 62%; median $1.29M
• Salinas, California — 62%; median $1.24M
• Santa Cruz–Watsonville, California — 57%; median $1.20M
• Petoskey, Michigan — 53%; median $1.11M
• San Luis Obispo–Paso Robles, California — 55%; median $1.09M
• Bozeman, Montana — 51%; median $1.01M

The most immediate takeaway: these markets are clustered around coastal, mountain and wine-country destinations where lifestyle demand is high and housing stock is limited. That combination sustains prices even when other parts of the market cool.

I find two elements stand out. First, concentrated wealth turns typical market rules on their head: in Nantucket, for example, the concept of a "typical buyer" looks very different from the national norm. Second, there are surprise winners like Petoskey, Michigan, where 53 percent of listings top $1 million — a reminder that lifestyle appeal can push prices upward outside of the usual coastal and mountain lists.

How high does the ceiling go? The gap between markets

National and local thresholds for high-end housing diverge sharply. Realtor.com’s report gives three useful markers:

• The national entry point for the top 10 percent of listings rose to about $1.25 million in March 2026.
• Nationally, the most expensive 1 percent of homes start at about $5.75 million.
• Local extremes are dramatically higher: Aspen area $59.2 million, Jackson $39.5 million, Santa Barbara $38.6 million, and Nantucket $25.8 million for its ultra-high-end listings.

Those figures matter for investors and buyers because they indicate liquidity and buyer depth at each price tier. A $5 million property in a market where the top 1 percent starts at $5.75 million faces a different demand environment than a $5 million property in Aspen, where the market for that price is well-established.

Price ceilings also affect financing and insurance options. Lenders and underwriters price risk against comparable sales and local demand. If the regional ceiling is very high, underwriting tolerances and appraisal comps behave differently, which can influence mortgage terms and closing timelines.

Why these markets keep pushing upward

From my reporting and reading of the report, there are clear demand-side and supply-side drivers:

• Demand-side drivers:

  • Lifestyle buyers seeking second homes or relocations to scenic areas.
  • Buyers with remote-capable incomes who can pay cash or high mortgages.
  • International and domestic wealth migration toward amenity-rich markets.

• Supply-side constraints:

  • Strict zoning, limited developable land (islands, mountain valleys, wine valleys).
  • Local opposition to new, dense development in resort areas.
  • A relatively small existing housing stock; when inventory is low, prices climb rapidly.

Danielle Hale, chief economist at Realtor.com, summed it up: "These are places where luxury isn’t the top of the market — it is the market." That quote captures how ordinary market metrics — median days on market, inventory turnover, price-per-square-foot — can mean something different in these communities.

Petoskey’s appearance on the list is an instructive example. It sits on Lake Michigan and has gained attention as a lifestyle destination. That shows buyers will pay for amenity value in lakeside towns as readily as they will for ocean access or mountain terrain. For investors, that means watching for previously overlooked locales where lifestyle demand is rising.

Practical implications for buyers and investors

If you are considering buying or investing in one of these markets, here’s our practical checklist based on the data and market dynamics:

• Expect competition: In markets where 50% or more of listings are million-dollar plus, competition often favors buyers with speed, cash, or pre-approved high-value financing.
• Prepare for higher carrying costs: Property taxes, insurance in coastal or wildfire-prone regions, and maintenance for high-end finishes can be material. Factor conservative carrying-cost scenarios into investment returns.
• Understand seasonal demand: Many resort markets have strong seasonal swings in occupancy and buyer interest. That affects resale timing and short-term rental income patterns.
• Check local regulations: Vacation-rental rules, short-term rental permitting, and local rental caps can sharply reduce expected returns for income-focused buyers.
• Use local specialists: Luxury markets have local pricing nuances and off-market inventory. Work with brokers who transact regularly at these price points and with local appraisers familiar with ultra-high-end comps.

For investors the calculus is different than for personal buyers.