Fayetteville, Ark., and Durham, N.C., anchor a construction-driven luxury surge as national high-end pricing firms for spring

AUSTIN, Texas, May 12, 2026 /PRNewswire/ -- While the traditional coastal powerhouses of New York and California continue to anchor the U.S. luxury market, a new tier of high-end activity is taking hold in mid-sized metros across the country. The Realtor.com^® April Luxury Housing Report highlights 12 emerging luxury markets where the seven-figure segment is expanding rapidly, often outpacing the national rate of inventory growth.

The national luxury threshold (90th percentile) reached $1,274,423 in April, up 2.0% from March. Although pricing remains 1.9% below year-ago levels, marking the 25th consecutive month of year-over-year decline, the stabilization of the national entry point is occurring alongside the aggressive scaling of luxury inventory in transition markets like Fayetteville-Springdale-Rogers, AR (+37.7% YoY) and Durham-Chapel Hill, NC (+23.7%).

"We are seeing a fundamental shift in where luxury is moving. The real story this spring isn't found in the established coastal cores, but in these 12 emerging markets that are actively transitioning into luxury markets," said Anthony Smith, senior economist at Realtor.com^®. "These are places where luxury has gained significant depth and momentum. Whether it's driven by corporate relocation in the Southeast or the desire for acreage and privacy in the Hudson Valley, these markets are offering a new value proposition for the high-end buyer that balances lifestyle with a slightly more accessible entry point than the national luxury floor."

National Luxury Overview: April 2026

High-End Emergence: Construction vs. Appreciation

To identify these markets in transition, Realtor.com® looked for metros with a meaningful volume of million-dollar listings (200–500 annually) where at least 10% of all inventory is priced above $1 million. The resulting list of 12 markets reveals two distinct drivers of luxury growth: new development and the appreciation of legacy estates.

In fast-growing hubs like Fayetteville, AR (41.3% new construction share) and Provo-Orem, UT (36.8%), the luxury segment is being actively created by builders to meet the demands of high-income professionals. Conversely, in markets like the Hudson Valley's Kiryas Joel-Poughkeepsie-Newburgh metro, growth is driven by the prestige of existing equestrian farmlands and historic enclaves.

"The drivers of this emergence vary by region," Smith added. "In the Research Triangle and Northwest Arkansas, builders are the primary engine, purpose-building luxury to meet modern customization demands. However, in places like Santa Fe or the Hudson Valley, the growth is more rooted in the appreciation and re-entry of existing homes into the million-dollar tier. In the Hudson Valley specifically, we're seeing a quiet ascent of estate-driven communities like Tuxedo Park and Millbrook, where privacy and land are the primary amenities, attracting buyers who want an alternative to the density of New York City."

Top Emerging Luxury Markets

(Metropolitan areas where the average monthly million-dollar listing count over the past 12 months was between 200 and 500, the median listing price was below $1,000,000, and at least 10% of active listings were priced at $1 million or above. Ranked by year-over-year growth in million-dollar listing count.)

The New York and Miami Dynamic
New York City reclaimed the top spot for million-dollar listing counts (11,580) over Miami (10,373), a reflection of the city's well-established spring inventory surge. Despite the monthly flip, Miami's trajectory remains structurally changed, with an inventory base that has tripled since early 2022, proving that even as seasonal patterns return, the geographic footprint of U.S. luxury has permanently expanded.

Methodology

All data in this report is sourced from Realtor.com® listing trends as of April 2026, reflecting active inventory of existing homes, including single-family residences, condos, townhomes, row homes, and co-ops. Listings reflect only those provided by  MLS platforms to Realtor.com via a listing feed. New-construction listings are excluded unless actively listed on participating MLSs.

Luxury segmentation is based on market-specific price percentiles, with the 90th percentile representing entry-level luxury, the 95th percentile marking high-end luxury, and the 99th percentile indicating ultraluxury. All calculations are based on listing prices, not final sales prices.

Metropolitan and micropolitan areas are defined using the Office of Management and Budget's OMB-2023 delineations, with Claritas 2025 household estimates used for relative comparisons. Where appropriate, we limited analysis to metros or micros with a minimum threshold of active million-dollar listings on average over the past year to ensure meaningful comparisons.

Historical listing trend data extends to July 2016, but year-over-year comparisons in this report use March 2025 as the baseline.

Luxury by the Numbers

90th percentile = Entry-level luxury (top 10% of prices)

95th percentile = High-end luxury

99th percentile = Ultraluxury (often rare or custom properties)

About Realtor.com^®

Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Emily Do, press@realtor.com

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SOURCE Realtor.com