Across the United States, homes priced at $1 million or more are no longer confined to traditionally expensive coastal markets. As of January 2026, about 12 percent of homes listed nationally topped $1 million, up from 8.4 percent in January 2020 before the pandemic era’s housing boom. This shift represents a significant evolution in the housing landscape and has important implications for buyers, sellers, investors, and real-estate professionals.
A Rising Share of High-Value Listings
In the early months of 2026, the U.S. housing market saw a notable rise in homes listed above $1 million, a clear reflection of sustained price growth and evolving demand across regions. While ultra-high-density and historically costly markets like parts of California and the Northeast continue to house expensive properties, cities that were once more affordable, such as Boise, Idaho, now feature a growing share of seven-figure homes.
For real-estate investors and professionals, this trend underscores a shifting perception of regional value. Markets that previously offered affordability advantages are now attracting buyers willing to pay premium prices, often driven by remote work flexibility, lifestyle preferences, and regional economic growth.
Drivers Behind the Trend
Several macro-level forces have contributed to the proliferation of $1 million listings:
- Price Appreciation Over Time: Since the pandemic began in 2020, home prices nationwide have surged more than 50 percent overall. Even as mortgage rates climbed in recent years, home price growth has remained resilient, underpinning the increase in high-value listings.
- Demand Shifts and Relocation Patterns: Remote work and changing lifestyle priorities have spurred migration to non-coastal cities with strong job markets, quality of life, and comparatively lower living expenses. As demand increases in these areas, so do list prices.
- Inventory Constraints in Key Markets: Limited housing supply in many regions continues to put upward pressure on prices. Even as construction has begun to rebound in some areas, supply remains insufficient to meet demand in many high-growth metros.
Regional Variations and Market Dynamics
While the overall share of high-priced homes has increased, the trend is not uniform across all cities:
- Boise, Idaho: Once a market where million-dollar listings were rare, Boise now exemplifies rapid value growth and increased demand for higher-priced housing.
- South and West Regions: Many Southern and Western metropolitan areas have seen strong population growth and price appreciation, contributing to a larger share of high-end listings.
- Traditional Luxury Markets: Some historically expensive cities, such as segments of the Northeast and California, have seen slower growth or even slight declines in million-dollar listings, highlighting complex local dynamics.
For buyers and investors, these regional differences emphasize the importance of localized market analysis rather than relying solely on national averages.
What This Means for Buyers and Sellers
For homebuyers, the rise in $1 million listings presents both challenges and opportunities:
- Affordability Constraints: As more homes list above $1 million, affordability pressures mount, especially for first-time buyers in markets where high prices are becoming the norm.
- Trade-Down and Trade-Up Markets: Higher-income buyers may find more inventory at premium price points, broadening choice, but also requiring sharper negotiation strategies given competitive conditions.
For sellers, a higher share of expensive listings can signal strong local market confidence, although individual outcomes will still hinge on pricing strategy, condition, and broader demand dynamics.
For investors and professionals, this trend highlights several actionable insights:
- Target Emerging Growth Areas: Regions that are moving up the price spectrum may offer long-term value potential as demographics and employment trends evolve.
- Monitor Shifts in Buyer Preferences: As remote work and lifestyle factors continue influencing relocations, markets traditionally overlooked may command growing premium segments.
- Refine Pricing and Marketing: With increased high-value inventory, positioning properties effectively becomes more critical to stand out among luxury listings.
Looking Ahead
While some cooling might occur as market balance improves, supported by modest increases in inventory and slight declines in mortgage rates, data suggests that higher-priced listings are now part of the mainstream U.S. housing market. Buyers, sellers, and real-estate professionals alike will need to adapt strategies to navigate this evolving landscape.
As the 2026 housing outlook continues to unfold, monitoring price trends, regional demand patterns, and policy developments will be crucial for staying informed and competitive in a market where million-dollar homes are no longer confined to a few elite enclaves.
