San Francisco, CA
Very Hot · 95$2.85M
Sample Luxury Median List ($2M+ Houses)
Broad market +16.1% YoY → $1.70M
- Active $2M+ Listings46
- Price Range$2.19M – $19.9M
- Top-Tier ZHVI (Metro)$1.99M · +0.5% YoY
- City DOM14 days
- % Sales Over List74.8% ← Highest
- Sale-to-List Ratio1.113
- Metro Inventory8,425 · −10.6% YoY
Extreme Seller's Market
City inventory +34.1% MoM · ZHVI +2.7% MoM. 74.8% of sales close above list — the highest over-list rate ever recorded in this dataset. Sale-to-list ratio 1.113 confirms multi-offer conditions are standard.
New York, NY
Very Hot · 72$3.30M
Sample Luxury Median List ($2M+ Houses)
Broad market +3.0% YoY → $875K
- Active $2M+ Listings516
- Price Range$2.1M – $65.0M
- Top-Tier ZHVI (Metro)$1.22M · +4.6% YoY
- % Sales Over List19.7%
- Price Cuts (Metro)13.8%
- Metro New Listings15,655 · +0.3% YoY
- Days to Pending53 days
Seller's Market — Rising Values
City median +0.8% MoM · ZHVI +0.6% MoM. Manhattan's luxury market classified Very Hot with the metro top-tier ZHVI up 4.6% YoY — the strongest ZHVI gain among flagship markets.
Santa Barbara, CA
Hot · 62$3.17M
Sample Luxury Median List ($2M+ Houses)
City median −9.1% YoY → $1.91M (broad mkt)
- Active $2M+ Listings162
- Price Range$2.05M – $18.95M
- Top-Tier ZHVI (Metro)$2.29M · +2.4% YoY ← Highest
- Days to Pending (City)19 days
- % Sales Over List24.1%
- Metro Inventory786 · +4.4% YoY
- Price Cuts (Metro)19.3%
Balanced — Strongest ZHVI in Dataset
ZHVI +1.8% MoM · Lux count +1.9% MoM. Santa Barbara's top-tier ZHVI of $2,290,061 is now the highest of any market tracked — ahead of San Francisco, New York, and Los Angeles.
Palm Beach, FL
Ultra-Luxury$14.50M
Sample Luxury Median List ($2M+ Houses)
City median −23.6% YoY → $2.60M
- Active $2M+ Listings71
- Price Range$2.4M – $205.0M
- Zillow Typical Value (City)$2.09M · −1.4% YoY
- City DOM114 days
- Days to Pending105 days
- Sale-to-List Ratio0.927 ← Lowest
- Price Drops35.5%
Ultra-Luxury — Patient Buyer's Market
Palm Beach rolls into Miami-Fort Lauderdale MSA for Zillow metro data. The 0.927 sale-to-list ratio reflects meaningful negotiation at this price level. Listings range to $205M.
Aspen, CO
No Metro Data$15.93M
Sample Luxury Median List ($2M+ Houses)
Zillow city value +6.8% YoY → $3.43M
- Active $2M+ Listings110
- Price Range$2.05M – $85.0M
- Zillow Typical Value (City)$3.43M · +6.8% YoY
- City DOM124 days
- Homes Sold (May)44
- Price Cuts— (no data)
- Metro Zillow DataNot published
Ultra-Luxury Seller's Market
City inventory −10.7% MoM · ZHVI −2.9% MoM. Highest luxury sample median in the report at $15.93M. Structural scarcity — pricing set by relationships and off-market access.
Los Angeles, CA
Hot · 65$3.27M
Sample Luxury Median List ($2M+ Houses)
Broad market −0.7% YoY → $1.05M
- Active $2M+ Listings1,735 ← Most
- Price Range$2.0M – $38.5M
- Top-Tier ZHVI (Metro)$1.67M · +0.8% YoY
- Days to Pending24 days
- % Sales Over List38.4%
- Price Cuts (Metro)20.7%
- Metro Inventory24,355 · +2.9% YoY
Bifurcated: Hot Broad / Buyer-Leaning Luxury
City median +2.4% MoM · Inventory +13.4% MoM. The deepest luxury inventory in the country at 1,735 active $2M+ listings — buyers have real selection while the broader market remains Hot.
Dallas, TX
Hot · 55$3.40M
Sample Luxury Median List ($2M+ Houses)
Broad market +9.8% YoY → $499K
- Active $2M+ Listings346
- Price Range$2.0M – $21.5M
- Top-Tier ZHVI (Metro)$620K · −3.1% YoY
- Days to Pending25 days
- % Sales Over List17.5%
- Price Cuts (Metro)29.4%
- Metro Inventory34,548 · −1.4% YoY
Two-Speed: Hot Broad / Soft Luxury
ZHVI +0.8% MoM · Pending pace +39% MoM. Dallas broad market up 9.8% YoY while top-tier ZHVI eases 3.1% — a clear two-speed condition inviting luxury value entry.
Hamptons, NY
Seasonal$3.20M
Sample Luxury Median List ($2M+ Houses)
Zillow city value −2.4% YoY → $2.08M
- Active $2M+ Listings26
- Price Range$2.19M – $85.0M
- Zillow Typical Value (City)$2.08M · −2.4% YoY
- City DOM42 days
- Days to Pending (City)121 days
- Price Drops19.8%
- Metro Zillow DataNot published
Seasonal Peak — Summer Demand Now
Luxury listings −23.5% MoM · Peak season underway. The Hamptons operates on its own seasonal clock; 121 days to pending reflects deliberate high-consideration purchasing, not weakness.
Miami, FL
Neutral · 38$3.48M
Sample Luxury Median List ($2M+ Houses)
Broad market −0.4% YoY → $652K
- Active $2M+ Listings517
- Price Range$2.1M – $48.0M
- Top-Tier ZHVI (Metro)$905K · −1.1% YoY
- City DOM113 days
- Price Cuts (Metro)20.4%
- Metro Inventory52,594 · −11.3% YoY
- Days to Pending (Metro)99 days
Buyer's Market — Luxury Tier
City median −3.2% MoM · Lux count −9.5% MoM. NYC/Miami divergence widens for a second month — ultra-luxury buyers belong in Miami; ultra-luxury sellers belong in New York.
Las Vegas, NV
Warm · 54$2.99M
Sample Luxury Median List ($2M+ Houses)
Broad market −0.1% YoY → $450K
- Active $2M+ Listings311
- Price Range$2.0M – $22.5M
- Top-Tier ZHVI (Metro)$625K · −2.2% YoY
- Days to Pending30 days
- % Sales Over List18.7%
- Price Cuts (Metro)27.4%
- Metro Inventory12,738 · +5.2% YoY
Warm — Watch for Downgrade
City median +0.4% MoM · Days-to-pending +32% YoY. Henderson and Summerlin luxury corridors continue to attract California exodus buyers at still-accessible price points.
Atlanta, GA
Warm · 49$3.25M
Sample Luxury Median List ($2M+ Houses)
Broad market −1.6% YoY → $429K
- Active $2M+ Listings244
- Price Range$2.08M – $9.45M
- Top-Tier ZHVI (Metro)$638K · −1.2% YoY
- Days to Pending38 days
- % Sales Over List21.2%
- Price Cuts (Metro)26.7%
- Metro Inventory32,204 · +2.4% YoY
Buyer-Leaning — Luxury Tier
City median −2.4% MoM · Inventory +10.4% MoM. Atlanta softens modestly across price and values; luxury tier benefits from continued corporate relocation demand.
Honolulu, HI
Warm · 47$3.39M
Sample Luxury Median List ($2M+ Houses)
Broad market +5.2% YoY → $589K
- Active $2M+ Listings104
- Price Range$2.09M – $15.0M
- Top-Tier ZHVI (Metro)$1.39M · +1.3% YoY
- Days to Pending43 days
- % Sales Over List13.5%
- Price Cuts (Metro)16.9%
- Metro Inventory3,782 · −6.8% YoY
Balanced — Holding Unlike Maui
City ZHVI −1.2% MoM · New listings −13.7% YoY. Luxury condos in Kakaako and Ala Moana remain the primary $2M+ driver.
Houston, TX
Warm · 49$3.07M
Sample Luxury Median List ($2M+ Houses)
Broad market +1.4% YoY → $350K
- Active $2M+ Listings224
- Price Range$2.05M – $12.5M
- Top-Tier ZHVI (Metro)$527K · −1.3% YoY
- Days to Pending31 days
- % Sales Over List14.8%
- Price Cuts (Metro)26.1%
- Metro Inventory36,651 · +8.1% YoY
Buyer's Market — Most Accessible Entry
City inventory +121% MoM · Median +1.4% MoM. Houston city-wide inventory surged 121% MoM — a significant supply increase that expands buyer options substantially.
Naples, FL
Cool · 28$3.40M
Sample Luxury Median List ($2M+ Houses)
City median −10.4% YoY → $1.34M
- Active $2M+ Listings564
- Price Range$2.15M – $29.7M
- Top-Tier ZHVI (Metro)$1.34M · −4.6% YoY
- City DOM83 days
- Price Drops47.6% ← Highest
- Days to Pending (Metro)123 days
- Metro Inventory7,622 · −15.3% YoY
Buyer's Market — Deep Luxury Supply
Lux count −24.1% MoM · Median +14.4% MoM (volatile). 564 active $2M+ listings and 47.6% price-drop rate make Naples the deepest buyer's market in this report alongside Maui.
Maui, HI
Cool · 28$4.15M
Sample Luxury Median List (Broader Maui ZIPs)
City median −10.3% YoY → $1.01M
- Active $2M+ (Kahului)Thin†
- Price Range$2.1M – $17.95M
- Top-Tier ZHVI (Metro)$1.72M · −6.3% YoY ← Worst
- City DOM93 days
- Metro Median Sale YoY−10.3%
- Days Pending (Metro)128 days · +24.3% YoY
- Heat Index28 · Cool
Buyer's Market — Steepest ZHVI Decline
† Kahului city-limits count only. Broader Maui $2M+ inventory captured in neighboring ZIPs. Steepest top-tier ZHVI decline in the dataset at −6.3% YoY.
* Hamptons 693.1% YoY is a statistical artifact of 3 total March closings vs. low prior-year base — not a genuine appreciation signal. † Maui count reflects Kahului city limits only. Source: Redfin city pages and Zillow Research CSVs, March 2026.
