The market for million-dollar homes is on the rise across the United States, reflecting more than just traditional luxury hubs. Emerging metros like Colorado Springs, CO, Durham-Chapel Hill, NC, and Seattle are experiencing significant growth in seven-figure sales, driven by unique factors.
Seattle stands out with its blend of tech wealth and limited housing availability fueling demand. The rise of high-paying jobs and the influx of affluent residents have reinforced its high-value home market. Meanwhile, Colorado Springs also maintains its status as a military hub, attracting high-income residents seeking optimal lifestyle conditions. At the same time, Durham-Chapel Hill has become the focal point for the tech and life sciences industries, which bolsters demand for luxury homes.
California remains the epicenter of expensive real estate, with cities like San Luis Obispo and Los Angeles leading the charge. Many buyers here are opting for cash purchases, reflecting their considerable purchasing power.
The expansion of the $1 million-plus housing market primarily results from rising property values pushing more homes within this luxury segment. Hannah Jones, senior economic research analyst at Realtor.com®, notes, "in some markets, particularly high-priced California metros, $1 million isn’t necessarily a luxury price—it’s just the norm for a typical home."
Data from the National Association of Realtors reveals the trend is nationwide. More than half of the 200 largest metro areas reported increases in the number and share of homes sold for over $1 million year-on-year. Nearly 300,000 homes sold above the million-dollar mark, indicating growing market strength.
Cash transactions are becoming more prevalent among high-end buyers, which helps sustain market dynamics. Jay K. Gupta, broker associate at Equity Colorado Real Estate, states, "Million-dollar homebuyers are often on their second or third home transaction, with a significant percentage of cash down payment, allowing for greater budgetary flexibility."
California’s coastal cities are at the forefront of this trend. San Luis Obispo experienced the largest surge, with 38.6% of home sales surpassing the million-dollar threshold—a notable increase from the previous year. Los Angeles follows closely with 47.7% of all transactions exceeding $1 million. Both areas are characterized by high proportions of cash sales, with nearly half of purchases being cash-based.
While California continues to dominate, the allure of other regions cannot be overlooked. Colorado Springs, for example, is making waves with 14.2% of homes sold crossing the seven-figure line, which reflects its attractiveness due to livability and economic stability. Benjamin Day, managing broker at LIV Sotheby’s International Realty, explains, "The city is home to major industries, from aerospace and cybersecurity to a booming tech sector."
Similarly, Durham-Chapel Hill has seen 12.6% of its homes slipping past the $1 million mark, showcasing its economic promise driven by tech and life sciences. Cara Ameer, a licensed real estate agent, notes, "The Durham-Chapel Hill area is home to numerous colleges, universities, and medical facilities, which have driven significant migration and employment opportunities."
The resilience of the high-value home market can be attributed to affluent buyers who are typically less affected by rising rates and prioritize aspects such as location and home size. According to the Realtor.com 2025 Housing Forecast, existing-home sales are expected to hover around 4.07 million, growing by 1.5% year-over-year.
Looking forward, the synergy between growing tech operations and luxury real estate is projected to continue driving high-end sales. The expansion of tech companies, particularly those establishing roots in areas like Colorado Springs, is likely to sustain demand for high-value properties.
Despite affordability challenges faced by the broader market, the continued demand for luxury properties signals strength within this segment of the housing market. With economic factors constantly shifting, the million-dollar home sales trend will serve as a key indicator of market resilience and strength moving forward.