T
he luxury home market has undergone a significant shift in recent years, with the threshold of $1 million no longer being a benchmark for high-end real estate. According to a new report from Redfin, only seven of the country's 50 largest metro areas now offer median prices for luxury homes under $1 million, down from 30 cities just five years ago.

    The study found that Detroit tops the list of affordable markets, with a median luxury home price of around $753,851. Other affordable options include Pittsburgh, Cleveland, Indianapolis, St. Louis, and Cincinnati, all located in the industrial Midwest. San Antonio is the only non-Midwestern holdout, with a median luxury price of just below $1 million.

    While prices in these cities have increased over the past decade, they've done so at a slower pace compared to coastal markets, where high-end home prices have skyrocketed. The report notes that buyers can find historic charm, large lots, and upscale finishes in walkable neighborhoods for a fraction of the cost of similar homes in cities like San Francisco or New York.

    Nationally, the median price of a luxury home has surged 88% over the past decade, from $717,000 to over $1.3 million today. This trend has pushed most large metros out of reach for luxury buyers who once viewed $1 million as a benchmark for high-end real estate.

    At the other end of the spectrum, cities like San Francisco, San Jose, and Anaheim lead the pack in terms of luxury prices, with median values exceeding $5 million. Miami and New York City also rank among the most expensive markets, with median luxury prices of $4.38 million and $4.22 million, respectively.