10 US Cities Where Luxury Real Estate Prices Are Plummeting

Luxury real estate isn’t immune to market shifts, and in some U.S. cities, prices for high-end homes are dropping fast. According to Realtor.com, the benchmark for luxury homes fell 1.6% in October to $1.22 million, down 2.2% from a year ago. But in certain markets, the decline is far steeper, as sellers drop prices to shorten time on the market and boost home sales.

Here’s a look at the 10 places where luxury home prices have plummeted the most over the past year.

• Starting price for a luxury home: $3,791,000
• Year-over-year price change for the top 10% of listings: -19.9%

• Starting price for a luxury home: $1,994,500
• Year-over-year price change for the top 10% of listings: -13.1%

• Starting price for a luxury home: $2,324,950
• Year-over-year price change for the top 10% of listings: -13%

• Starting price for a luxury home: $1,332,650
• Year-over-year price change for the top 10% of listings: -11%

• Starting price for a luxury home: $1,011,473
• Year-over-year price change for the top 10% of listings: -9%

• Starting price for a luxury home: $1,057,360
• Year-over-year price change for the top 10% of listings: -7.8%

• Starting price for a luxury home: $3,017,194
• Year-over-year price change for the top 10% of listings: -7.7%

• Starting price for a luxury home: $4,249,600
• Year-over-year price change for the top 10% of listings: -7.5%

• Starting price for a luxury home: $2,999,999
• Year-over-year price change for the top 10% of listings: -6.5%

• Starting price for a luxury home: $3,996,297
• Year-over-year price change for the top 10% of listings: -6.3%

Editor’s note: Data was sourced from Realtor.com and is accurate as of October 2025.