This Haute Living market report summarizes luxury real estate activity across 15 major U.S. cities for March 2026 — including median prices in the $2M+ tier, inventory shifts, days on market, and buyer/seller conditions. Comprehensive luxury data across 15 U.S. cities — median prices, $2M+ inventory, days on market, and buyer/seller conditions. Sourced from Redfin and Zillow Research.
| Value | Measure |
|---|---|
| 15 | Markets Tracked |
| 4,876 | Active $2M+ Listings |
| $17.95M | Highest Luxury Median (Aspen) |
| 105 | Peak Heat Index (San Francisco) |
Source: Redfin City Pages + Zillow Research CSVs + Zillow Market Overview
Executive Summary
March 2026 data reveals a luxury market defined by extremes: San Francisco registers the tightest supply and fastest velocity in the nation, while Maui posts the steepest luxury value declines. Between them, 13 markets tell a story of selective strength and widening divergence.
The Redfin and Zillow data compiled across 15 markets this month reinforces a structural theme: the luxury tier is not a monolith. In New York, the top-tier Zillow Home Value Index is up 4.6% year-over-year, the Heat Index reads 77 (Very Hot), and only 11.4% of listings have taken a price cut — reflecting genuine seller's market conditions. Meanwhile in Miami, 567 homes sit active at $2M+, price cuts touch 21.1% of listings, and the metro Heat Index registers 38 (Neutral), offering buyers unusual negotiating power at the top end of the market.
San Francisco tells perhaps the most remarkable story: a city median sale price up 19.9% year-over-year, 59% of city sales closing above list, a Zillow Heat Index of 105 — the highest in the dataset — and median days-to-pending of just 13 days. Yet luxury-tier ZHVI at the metro level is technically down 0.7%, reflecting that extraordinary demand is concentrated below the ultra-luxury band. At the other end of the spectrum, Naples joins Maui as a deep buyer's market, with a metro Heat Index of 29 (Cool), median sale price down 9.6% YoY, and 768 active $2M+ listings — the second-largest luxury inventory pool in the report.
Palm Beach and Santa Barbara round out the new additions: Palm Beach posts a city median up 14.3% YoY at $2.725M with a sample luxury median list of $14.995M (the second-highest in the dataset after Aspen), while Santa Barbara is one of the fastest-moving cities tracked at 22 days-to-pending and the only meaningful YoY ZHVI gainer among the new entrants (+1.5%).
This report covers all 15 markets with full Redfin general market data, Redfin $2M+ luxury segment data, and Zillow city plus metro CSV data. All figures reflect March 2026. Month-over-month comparisons will populate from the April 2026 snapshot.
Luxury Real Estate by Market
Miami, FL
| Sample Luxury Median List ($2M+ Houses) | $4.6M |
|---|---|
| Year over year | Broad market median +3.1% YoY → $675K |
| Active $2M+ Listings | 567 |
| Price Range | $2.1M – $29.5M |
| Top-Tier ZHVI (Metro) | $895K · −2.3% YoY |
| City DOM | 107 days |
| Price Cuts (Metro) | 21.1% |
| Metro Inventory | 54,284 · −5.2% YoY |
| Heat Index | 38 · Neutral |
| Market condition | Buyer's Market — Luxury Tier |
567 active $2M+ listings and a 21.1% price-cut rate signal strong negotiating leverage for luxury buyers in March 2026.
Dallas, TX
| Sample Luxury Median List ($2M+ Houses) | $3.4M |
|---|---|
| Year over year | Broad market median +14.7% YoY → $499K |
| Active $2M+ Listings | 375 |
| Price Range | $2.0M – $11.5M |
| Top-Tier ZHVI (Metro) | $616K · −3.1% YoY |
| City DOM | 45 days |
| Price Cuts (Metro) | 26.3% |
| Metro Inventory | 31,238 · +5.3% YoY |
| Heat Index | 56 · Hot |
| Market condition | Two-Speed: Hot Broad / Soft Luxury |
Broad market surging (+14.7% YoY) while luxury top-tier ZHVI falls 3.1% — a split market favoring buyers in the $2M+ segment.
Houston, TX
| Sample Luxury Median List ($2M+ Houses) | $2.7M |
|---|---|
| Year over year | Broad market median −2.8% YoY → $345K |
| Active $2M+ Listings | 235 |
| Price Range | $2.0M – $7.8M |
| Top-Tier ZHVI (Metro) | $524K · −1.2% YoY |
| City DOM | 64 days |
| Price Cuts (Metro) | 24.1% |
| Metro Inventory | 33,420 · +14.5% YoY |
| Heat Index | 49 · Warm |
| Market condition | Buyer's Market — Most Accessible Entry |
Lowest luxury median entry point in the dataset at $2.7M sample median. Metro inventory +14.5% YoY provides buyer options.
Aspen, CO
| Sample Luxury Median List ($2M+ Houses) | $17.95M |
|---|---|
| Year over year | City median +7.1% YoY → $3.4M |
| Active $2M+ Listings | 87 |
| Price Range | $2.45M – $300.0M |
| Zillow Typical Value (City) | $3.54M · +5.9% YoY |
| City DOM | 124 days |
| Price Cuts | — (no data) |
| Metro Zillow Data | Not published |
| Heat Index | N/A |
| Market condition | Ultra-Luxury Seller's Market |
Aspen is not covered by Zillow's metro research CSV. Off-market transactions represent a significant share of $10M+ volume.
Hamptons, NY
| Sample Luxury Median List ($2M+ Houses) | $3.7M |
|---|---|
| Year over year | 3 March closings — YoY% is a statistical artifact* |
| Active $2M+ Listings | 34 |
| Price Range | $2.0M – $38.0M |
| Zillow Typical Value (City) | $1.99M · −2.6% YoY |
| City DOM | 53.5 days |
| Days to Pending (City) | 139 days |
| Metro Zillow Data | Not published |
| Heat Index | N/A |
| Market condition | Seasonal Market — Watch Q2 |
*693.1% YoY is a statistical artifact of only 3 March sales vs. low prior-year base — not a price appreciation signal. Seasonal peak is April–June.
New York, NY
| Sample Luxury Median List ($2M+ Houses) | $3.5M |
|---|---|
| Year over year | Broad market median +5.5% YoY → $870K |
| Active $2M+ Listings | 482 |
| Price Range | $2.0M – $50.0M |
| Top-Tier ZHVI (Metro) | $1.20M · +4.6% YoY |
| % Sales Over List | 20.2% |
| Price Cuts (Metro) | 11.4% ← Lowest |
| Metro New Listings | 10,622 · −8.3% YoY |
| Heat Index | 77 · Very Hot |
| Market condition | Seller's Market — Rising |
Lowest price-cut share (11.4%) in the dataset, top-tier ZHVI up 4.6% YoY, supply tightening: classic seller's market conditions.
Los Angeles, CA
| Sample Luxury Median List ($2M+ Houses) | $3.4M |
|---|---|
| Year over year | Broad market median −5.6% YoY → $1.0M |
| Active $2M+ Listings | 1,714 ← Most |
| Price Range | $2.1M – $43.5M |
| Top-Tier ZHVI (Metro) | $1.67M · +0.3% YoY |
| % Sales Over List | 33.2% |
| Price Cuts (Metro) | 18.8% |
| Metro Inventory | 21,131 · +6.1% YoY |
| Heat Index | 67 · Hot |
| Market condition | Bifurcated: Hot Broad / Buyer-Leaning Luxury |
Largest $2M+ inventory in the dataset (1,714 listings). Wildfire-related displacement contributed to supply surge. Luxury buyers have more options than 2025.
San Francisco, CA
| Sample Luxury Median List ($2M+ Houses) | $3.7M |
|---|---|
| Year over year | Broad market median +19.9% YoY → $1.7M |
| Active $2M+ Listings | 88 |
| Price Range | $2.2M – $22.5M |
| Top-Tier ZHVI (Metro) | $1.98M · −0.7% YoY |
| City DOM | 14 days ← Fastest |
| % Sales Over List | 59.0% ← Highest |
| Metro Inventory | 6,415 · −7.0% YoY |
| Heat Index | 105 · Very Hot ← Highest |
| Market condition | Extreme Seller's Market |
Highest Heat Index (105) and fastest DOM (14 days) in the dataset. 59% of sales close above list. Only 88 active $2M+ listings — extreme scarcity.
Atlanta, GA
| Sample Luxury Median List ($2M+ Houses) | $2.7M |
|---|---|
| Year over year | Broad market median −2.0% YoY → $446K |
| Active $2M+ Listings | 249 |
| Price Range | $2.0M – $11.0M |
| Top-Tier ZHVI (Metro) | $632K · −1.1% YoY |
| City DOM | 68 days |
| Price Cuts (Metro) | 24.8% |
| Metro Inventory | 28,712 · +4.5% YoY |
| Heat Index | 50 · Warm |
| Market condition | Buyer-Leaning — Luxury Tier |
Warm Heat Index masks real softness: ZHVI -3.8% city, 29.8% price-drop share. Luxury buyers in Atlanta have favorable negotiating position.
Maui, HI
| Sample Luxury Median List (Broader Maui ZIPs) | $3.8M |
|---|---|
| Year over year | Broad market median +6.4% YoY → $1.0M |
| Active $2M+ (Kahului) | 1† |
| Price Range | $2.1M – $11.0M |
| Top-Tier ZHVI (Metro) | $1.72M · −6.5% YoY ← Worst |
| City DOM | 157 days ← Slowest |
| Metro Median Sale YoY | −9.6% |
| Days Pending YoY | +29.6% |
| Heat Index | 28 · Cool ← Only Cool |
| Market condition | Buyer's Market — Steepest Declines |
† Kahului city-limits count only. Broader Maui $2M+ inventory is thin and captured across neighboring ZIPs. Most buyer-favorable market in the dataset.
Honolulu, HI
| Sample Luxury Median List ($2M+ Houses) | $3.59M |
|---|---|
| Year over year | Broad market median +7.1% YoY → $605K |
| Active $2M+ Listings | 112 |
| Price Range | $2.0M – $26.5M |
| Top-Tier ZHVI (Metro) | $1.40M · +0.8% YoY |
| City DOM | 109 days |
| Price Cuts (Metro) | 16.8% |
| % Sales Over List | 12.1% |
| Heat Index | 49 · Warm |
| Market condition | Balanced — Unlike Neighboring Maui |
Honolulu's top-tier ZHVI is holding (+0.8% YoY) while neighboring Maui falls 6.5%. Supply tightening with new listings down 14.4% YoY.
Las Vegas, NV
| Sample Luxury Median List ($2M+ Houses) | $2.85M |
|---|---|
| Year over year | Broad market median −0.4% YoY → $448K |
| Active $2M+ Listings | 298 |
| Price Range | $2.0M – $25.9M |
| Top-Tier ZHVI (Metro) | $626K · −1.6% YoY |
| City DOM | 60 days |
| Price Cuts (Metro) | 25.7% |
| Metro Inventory | 12,151 · +11.8% YoY |
| Days Pending YoY | +31.0% ← Fastest Slowdown |
| Market condition | Hot Rating with Cooling Pressure — Watch April |
Hot Heat Index (55) appears to lag actual conditions: 25.7% price cuts and +31% pacing slowdown signal a likely downgrade in April.
Naples, FL
| Sample Luxury Median List ($2M+ Houses) | $3.4M |
|---|---|
| Year over year | City median −9.6% YoY → $1.2M |
| Active $2M+ Listings | 768 ← 2nd Most |
| Price Range | $2.0M – $271.0M |
| Top-Tier ZHVI (Metro) | $1.34M · −5.1% YoY |
| City DOM | 83 days |
| Price Cuts (Metro) | 28.0% |
| Metro Inventory | 8,060 · −8.1% YoY |
| Heat Index | 29 · Cool |
| Market condition | Buyer's Market — Deep Luxury Supply |
768 active $2M+ listings — the second-largest luxury pool in the dataset. Heat Index of 29 makes Naples one of only two Cool markets tracked, alongside Maui.
Palm Beach, FL
| Sample Luxury Median List ($2M+ Houses) | $14.995M |
|---|---|
| Year over year | City median +14.3% YoY → $2.725M |
| Active $2M+ Listings | 93 |
| Price Range | $5.75M – $205.0M |
| Zillow Typical Value (City) | $2.07M · −1.3% YoY |
| City DOM | 118 days |
| Days to Pending (City) | 104 days |
| Price Cuts | 27.9% |
| Metro Zillow Data | Rolls into Miami MSA |
| Market condition | Ultra-Luxury Seller's Market |
Sample luxury median list of $14.995M is the second-highest in the report after Aspen. City median up 14.3% YoY signals strength at the very top of the market.
Santa Barbara, CA
| Sample Luxury Median List ($2M+ Houses) | $3.85M |
|---|---|
| Year over year | City median −9.6% YoY → $2.0M |
| Active $2M+ Listings | 158 |
| Price Range | $2.1M – $34.95M |
| Zillow Typical Value (City) | $1.83M · +1.5% YoY |
| City DOM | 43 days |
| Days to Pending (City) | 22 days ← Fast |
| % Sales Over List | ~17% |
| Price Cuts (City) | 27.1% |
| Market condition | Fast-Moving with Mixed Signals |
Just 22 days-to-pending makes Santa Barbara one of the fastest-moving cities in the report, even as Redfin's city median fell 9.6% YoY. ZHVI is the only meaningful YoY gainer among new entrants (+1.5%).
Five Signals
San Francisco: The Extreme Outlier
A Heat Index of 105, 14-day DOM, 59% of sales over list, and new listings down 7.5% YoY creates the tightest market in the dataset. For $2M+ luxury buyers: there are only 88 active listings. Move fast, expect over-ask, and treat access to off-market properties as essential. The extraordinary demand surge appears concentrated below the ultra-luxury band — the top-tier ZHVI is technically down 0.7% — making $3M–$5M San Francisco properties the most fiercely competitive asset class in this report.
New York vs. Miami: The Clearest Divergence
New York's top-tier ZHVI is up 4.6% YoY; Miami's is down 2.3%. NYC's price-cut share is 11.4% — the lowest tracked; Miami's is 21.1%. NYC metro new listings fell 8.3% YoY; Miami metro inventory is down only 5.2% despite 567 active $2M+ listings. The data delivers a clear directional verdict: ultra-luxury buyers should be in Miami, ultra-luxury sellers should be in New York City.
Los Angeles: 1,714 Luxury Listings and a Bifurcated Market
The largest $2M+ inventory pool in the dataset — nearly triple Miami's — combined with a city median sale price down 5.6% YoY and metro inventory up 6.1% signals expanding buyer leverage in the luxury tier. Yet 33.2% of all city sales close above list, and the Heat Index is 67 (Hot). LA is running two markets simultaneously: a competitive sub-$2M segment and an increasingly buyer-friendly luxury tier, likely amplified by wildfire-related supply dynamics.
Maui: The Clearest Buyer's Market in the Dataset
Top-tier ZHVI -6.5% YoY (steepest of any market), metro median sale price -9.6% YoY, 157-day city DOM (slowest), days-to-pending +29.6% (sharpest acceleration), and a Heat Index of 28 (Cool) — the only Cool market in the report. Supply is rising +8.5% YoY while new listings fell 16.0%, suggesting sellers are pulling back rather than adding fresh inventory. For buyers who have been waiting for Maui, the data suggests a rare pricing opportunity that may not persist into 2027.
The Universal Pacing Slowdown — and One Exception
Every market with metro Zillow data shows days-to-pending increasing year-over-year — from +7.5% (NYC) to +31.0% (Las Vegas). Buyers are taking longer everywhere. Markets rated Hot with rapid pacing slowdowns (Las Vegas: +31.0%, LA: +14.9%, Dallas: +13.4%) may see heat index downgrades in the coming months. The singular exception is San Francisco, where pacing remains extreme and days-to-pending of 13 days at the city level defies the national trend.
Frequently Asked Questions
What is the luxury real estate market like in Miami in 2026?
As of March 2026, Miami's luxury real estate market is buyer-favorable at the top tier. There are 567 active homes listed at $2 million or more, with a sample median list price of approximately $4.6 million (ranging from $2.1M to $29.5M). The Zillow top-tier home value index for the Miami metro is $895,296, down 2.3% year-over-year. The Zillow Market Heat Index is 38 (Neutral), median days on market is 107, and 21.1% of metro listings have taken a price cut. This combination indicates significant negotiating leverage for luxury buyers.
What is the luxury real estate market like in New York City in 2026?
New York City's luxury market is a strong seller's market as of March 2026. The Zillow Heat Index is 77 (Very Hot), 20.2% of city sales closed above list price, and the top-tier Zillow Home Value Index is $1,197,823 — up 4.6% year-over-year. There are 482 active $2M+ listings, with a sample median list price of $3.5M (range to $50M). Metro new listings fell 8.3% year-over-year, tightening supply further. Price cuts affect only 11.4% of listings — the lowest of any market tracked.
How is the luxury real estate market in San Francisco performing in 2026?
San Francisco has the hottest overall market of any city in this report as of March 2026. The Zillow Heat Index is 105 (Very Hot), 59% of city sales closed above list price, and the median sale price rose 19.9% year-over-year to $1.7 million. Median days on market is just 14 days. For luxury buyers ($2M+), there are only 88 active listings with a sample median of $3.7M. Metro inventory is down 7.0% YoY and new listings fell 7.5%. The top-tier ZHVI is $1,975,623, down 0.7% YoY at metro level.
What are luxury homes selling for in Aspen, Colorado in 2026?
In Aspen, the median sale price was $3,400,000 in March 2026, up 7.1% year-over-year (Redfin). For $2M+ houses specifically, the sample median list price is approximately $17,950,000, with listings ranging from $2,450,000 to $300,000,000. There are 87 active $2M+ listings. The Zillow typical home value for Aspen is $3,535,613, up 5.9% year-over-year. Median days on market is 124 days. Aspen is not covered as a separate metro in Zillow Research CSV data.
Is Los Angeles a buyer's or seller's market for luxury real estate in 2026?
Los Angeles presents a bifurcated luxury market as of March 2026. While the Zillow Heat Index is 67 (Hot) and 33.2% of city sales closed above list, the luxury tier ($2M+) shows buyer-friendly signals: there are 1,714 active $2M+ listings (the most in our dataset), the city median sale price fell 5.6% YoY, metro inventory is up 6.1%, and 18.8% of listings have taken price cuts. The top-tier ZHVI is $1,668,904, up just 0.3% YoY. Luxury buyers in LA have more options and more negotiating power than a year ago.
What is the Maui luxury real estate market like in 2026?
Maui is the softest luxury market of any city tracked as of March 2026. The Zillow Market Heat Index is 28 (Cool) — the only Cool-rated market in this report. The top-tier Zillow Home Value Index for the Kahului/Maui metro is $1,716,907, down 6.5% year-over-year — the steepest luxury value decline tracked. Metro median sale price fell 9.6% YoY, and days-to-pending increased 29.6% YoY to 127 days. Metro inventory is up 8.5% YoY. This data positions Maui as a buyer's market, with sellers under pricing pressure.
How many luxury homes ($2M+) are for sale across major U.S. markets?
Across the 15 premier U.S. markets tracked by Haute Real Estate Network as of March 2026, there are a total of 4,876 homes listed at $2 million or more. The market with the most luxury inventory is Los Angeles at 1,714 listings, followed by Naples (768), Miami (567), New York City (482), Dallas (375), Las Vegas (298), Atlanta (249), Houston (235), Santa Barbara (158), Honolulu (112), Palm Beach (93), San Francisco (88), Aspen (87), Maui (thin, Kahului city only), and the Hamptons (34).
Which U.S. luxury markets are rising in value in 2026?
As of March 2026, luxury markets with rising top-tier Zillow Home Value Index year-over-year are: New York City (+4.6%), Santa Barbara city ZHVI (+1.5%), Honolulu (+0.8%), and Los Angeles (+0.3%). Markets where luxury values are declining include: Maui (−6.5%), Naples (−5.1%), Dallas (−3.1%), Miami (−2.3%), Las Vegas (−1.6%), Palm Beach city ZHVI (−1.3%), Houston (−1.2%), Atlanta (−1.1%), and San Francisco (−0.7%). Aspen and the Hamptons do not have published metro-level Zillow ZHVI data; Palm Beach rolls up into the Miami MSA.
What does the Zillow Market Heat Index mean for luxury buyers and sellers?
The Zillow Market Heat Index is a composite score measuring supply, demand, and transaction pacing in a given metro. Higher scores signal seller's markets with fast-moving, competitive conditions. Lower scores signal buyer's markets with slower absorption and negotiating room. March 2026 scores across this dataset: San Francisco 105 (Very Hot), New York 77 (Very Hot), Los Angeles 67 (Hot), Dallas 56 (Hot), Las Vegas 55 (Hot), Atlanta 50 (Warm), Honolulu 49 (Warm), Houston 49 (Warm), Miami 38 (Neutral), Naples 29 (Cool), Maui 28 (Cool). Aspen, the Hamptons, Palm Beach, and Santa Barbara are not covered at the metro level in the same Zillow series.
How does Haute Real Estate Network compile this luxury market report?
This monthly report draws from three data blocks per market: general market statistics from Redfin city pages, Redfin's $2M+ luxury filtered listings for sample medians and active inventory, and Zillow Research's published CSVs for top-tier ZHVI, Heat Index, and metro pacing. All figures reflect the prior month's close — March 2026 data was finalized April 2026. We publish one consolidated report per month across 15 premier U.S. luxury markets.