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Not all luxury buyers need to spend millions to get a sprawling home. Luxury can mean different price points depending on the market where you’re looking.
The strongest metros are combining relative affordability, livability, and economic resilience, according to the latest Wall Street Journal/Realtor.com® Luxury Housing Market ranking.
The report reveals that despite high mortgage interest rates, luxury buyers are still investing. Instead of multimillion-dollar price tags on properties along traditional coastal hubs, they’re turning their attention to places that deliver a high quality of life without the extreme price tag.
Realtor.com and the Wall Street Journal team up every quarter to identify the highest-performing and most attractive metro areas for luxury home purchases. They scored 60 different luxury housing markets across the country in categories that include: supply and demand strength, economic health, and quality of life.
St. Louis tops the July 2025 luxury ranking list. The Midwestern city takes the No. 1 spot because of its strong supply-and-demand dynamics. The homes offer relatively lower prices, too, allowing buyers to get more bang for their buck—if they’re able to invest in a home close to $700,000.
The Gateway City
St. Louis never had the reputation as leading the pack in the luxury market, but investors are taking notice. Buyers are prioritizing substance over flash, according to the report.
“St. Louis is a small big city, so we have a lot to offer from restaurants to sporting events, to just things to go out and do with the family, and you’re typically within 15 minutes of all of those things,” Erik Petersen, real estate agent with Berkshire Hathaway HomeServices Alliance Real Estate, tells Realtor.com.
The metro stands out for its mix of luxury living, economic stability, and everyday livability—without the sky-high price tags that are associated with more traditional coastal markets.
The median list price for a luxury home in St. Louis is just over $697,000. It’s far “cheaper” compared to the median list price for the top 10% of homes nationally, which is just under $1.3 million.
“Luxury is always relative to the local market,” explains Anthony Smith, senior economist at Realtor.com.
“In St. Louis, $697,000 represents the top 10% of all listings, which means buyers at that level are getting premium properties. These luxury homes would have a much higher starting point in “traditional luxury metros.”
The city’s ranking highlights the strong buyer interest, ample inventory, and relative affordability, “making it an outlier in a high-cost housing environment.”
(Realtor.com)
St. Louis also offers luxury at a lower price, but the report highlights how buyers are also getting, “historic homes, vibrant neighborhoods, manageable commutes, and a lifestyle that blends culture, commerce, and community.”
Luxury living extends just outside the city limits and appeals to the buyer who wants not just easy urban access, but green space. Don’t be fooled, though, because high-end buyers can also find luxury homes well into the millions.
“The ZIPs with the highest median listing prices in the St. Louis metro such as 63131, Des Peres has a median listing price of $1.6 million and sits just 5 to 6 miles from the St. Louis city limits. Another top ZIP, 63124, Ladue, has a median listing price of $1.5 million and is only 2 miles from the city limits,” says Smith.
Petersen adds, “Ladue is also a really established name that people like. There’s a wide variety of homes there. You’re going to get anything from a ranch that’s going to be maybe $600,000 to a home in the $8 million range.”
(Realtor.com)
(Realtor.com)
Not your typical luxury metros
Santa Fe, NM, and Detroit follow right behind St. Louis in the July 2025 Luxury Ranking.
Santa Fe’s median list price for a luxury home is $2,698,500. It’s more in line with one’s perception of a luxury price tag, but the surprise may be the Detroit-Warren-Dearborn, MI, metro. The median list price for a luxury home is $755,186.
Detroit has had its share of ups and downs. The city once declared bankruptcy—becoming the largest municipal filing in history with $20 billion in debt. Since then, the Motor City has rebuilt itself and its reputation, becoming a boomtown for investors.
Within this metro, outside of the city limits, homebuyers have found they’re able to make their dollar stretch. It shares many of the qualities that have drawn luxury buyers to St. Louis: strong supply and lower prices.
Other metros that made this summer’s luxury ranking include Portland, ME; Salt Lake City; Prescott, AZ; and Providence, RI. All reflect different forms of luxury—but also how the affluent homebuyer isn’t limited to particular coastal communities.