L
uxury real estate in the United States is far from uniform. Realtor.com’s September Luxury Housing Report shows that a seven‑figure budget can buy a sprawling 4,500‑square‑foot estate in Atlanta or a compact 1,700‑square‑foot condo in Honolulu, depending on location.

    The national entry point for luxury properties slipped to $1.24 million in September, a 0.5 % drop from August and 2.4 % lower than a year ago. Yet geography remains the primary factor that determines how much space a dollar can command. In Atlanta, Denver, and Dallas, listings between $1 million and $2 million average more than 4,000 square feet—roughly twice the size of comparable homes in Honolulu or San Jose, where median square footage hovers around 1,650–1,700 square feet.

    Danielle Hale, chief economist at Realtor.com, notes that “the luxury market is rebalancing after years of volatility. The modest easing in prices reflects buyers and sellers adjusting expectations to broader economic conditions, while demand stays strong for well‑priced homes that offer distinctive space, quality, or location.”

    Nationally, luxury homes linger longer on the market: the 90th percentile stays about 79 days, one day more than last month and five days longer than a year ago. Ultra‑luxury listings (99th percentile) average 103 days before selling. Despite this, the share of million‑plus listings remains steady at 13 %, indicating a normalization rather than a retreat.

    Top markets for high‑end properties include Santa Barbara, where the top 10 % of homes start at $8.95 million, followed by Heber, Utah at $6.5 million, and then Key West, Bridgeport, Connecticut, and Los Angeles. Honolulu’s $827 per square foot makes it the most expensive market for buyers in the $1–$2 million range, closely matched by the San Jose–Sunnyvale–Santa Clara metro at $828 per square foot. In contrast, Atlanta offers the best value, with $301 per square foot and roughly 40 % larger homes than the national median of 2,994 square feet.

    At the upper end, markets are cooling but not collapsing. The 95th percentile of listings now starts around $1.95 million, down 1.2 % month‑over‑month, while the 99th percentile—ultra‑luxury homes beginning at $5.41 million—has slipped just 0.2 %. This suggests a “Goldilocks” phase for luxury real estate: neither overheated nor depressed.

    For buyers, the implication is clear: in cities like Atlanta or Denver, a million dollars stretches farther, offering more space and potentially better negotiation leverage. In Honolulu or San Jose, the same budget yields less square footage and higher per‑square‑foot costs. The market’s current balance points to opportunities for those willing to adjust expectations to regional realities.