Luxury prices rose most in West Palm Beach, FL (+14.8%) and fell most in Tampa, FL (-3.3%)

The typical U.S. luxury home sold for $1.26 million in September, up 4.8% from a year earlier and a record high for the month. That’s more than twice the pace of price growth for non-luxury homes, which rose 1.8% year over year to a median of $371,583. This is according to a new report from Redfin, the real estate brokerage powered by Rocket.

Luxury prices are outpacing non-luxury

Prices of luxury homes have been rising faster than prices of non-luxury homes for most of the past two years. The typical luxury home price has climbed about 11% since September 2023, compared with roughly 6% growth for non-luxury homes.

“Luxury prices are outpacing the rest of the market because the people buying at the top end are playing by different rules,” said Redfin Senior Economist Sheharyar Bokhari. “They’re not waiting for rates to drop or prices to fall—they have the cash, stock gains, and long-term confidence to act when they see a home they want. Some high-end buyers are also using real estate as a safe place to park their money amid economic uncertainty. That demand, even at a smaller scale, is enough to keep pushing luxury prices up faster than the broader market.”

That widening gap reflects how high-end buyers—many of whom pay in cash or take smaller loans—have stayed active even as affordability challenges priced many middle-income buyers out of the market. High mortgage rates and record home prices have made purchasing a home far more expensive than before the pandemic, and many middle-income Americans are waiting for affordability to improve before jumping back in.

Luxury and non-luxury home sales are stable, but near record lows

Luxury (+0.3%) and non-luxury (-0.3%) home sales were essentially flat from a year earlier, hovering near the lowest September levels in records going back to 2012.

Pending sales—a leading indicator of future closings—rose 1.6% for luxury homes and 1% for non-luxury homes from a year earlier. While that’s a modest improvement, it comes on the heels of one of the slowest years for home sales in more than a decade. The small year-over-year uptick suggests that sales are hovering just above their low point rather than meaningfully rebounding.

Luxury home inventory climbs 7.7% from a year earlier

The number of luxury homes for sale climbed 7.7% year over year to the highest September level since 2020. Non-luxury inventory rose even more—11.4%—to the highest level for any September since 2019.

Metro-Level Luxury Highlights: September 2025

• Prices: Luxury prices rose most in West Palm Beach, FL (+14.8% to $4.13 million), Newark, NJ (+12.3% to $2.05 million), and Virginia Beach, VA (+11.2% to $1.07 million). The only two metros where prices dropped were Tampa, FL (-3.3% to $1.45 million) and Oakland, CA (-2.2% to $2.9 million).
• Sales: Luxury sales rose most in San Francisco (+30.5%), Providence, RI (+19.1%) and Fort Worth, TX (+13.5%). They fell most in West Palm Beach (-22.4%), San Jose, CA (-20.8%) and Philadelphia (-16.8%).
• Active Listings: Luxury inventory grew fastest in Tampa (+31.1%), Fort Worth (+18.7%), and Nashville, TN (+18.6%). It declined most in Philadelphia (-21.6%), San Jose (-20.0%), and Chicago (-14.8%).
• New Listings: New luxury listings rose most in Tampa (+21.5%), Kansas City, MO (+20.6%), and San Francisco (+20.0%). They fell most in Jacksonville, FL (-22.6%), Anaheim, CA (-19%), and New York (-16.5%).
• Speed of Sales: Luxury homes sold fastest in San Jose (14 days), St. Louis (16 days) and Detroit (16 days). They sold slowest in Miami (130 days), West Palm Beach (115 days), and Fort Lauderdale, FL (114 days).

To view the full report, including charts and additional metro-level data, please visit: https://www.redfin.com/news/luxury-homes-market-september-2025

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

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