For years, the phrase “million-dollar home” has evoked images of sprawling estates, high-end finishes and exclusive neighborhoods. But as home prices continue to climb across the U.S., $1 million doesn’t stretch as far as it used to. This is especially true in major cities.
According to a recent Redfin report, the median price for a luxury home nationwide has soared to almost $1.35 million, up about 70% from nearly $798,000 in 2020. However, if you’re dreaming of luxury living on a sub-million-dollar budget, a few U.S. metros still offer opportunities.
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Here are five cities where luxury is still within reach, without crossing into seven-figure territory.
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Cleveland
Median luxury home price: $757,046
Cleveland is quickly gaining recognition as a hidden gem in the luxury real estate market. With the city’s median luxury price of just over $757,000, buyers can afford spacious homes with upscale features in desirable neighborhoods like Shaker Heights and Cleveland Heights. These areas are known for their historic charm and tree-lined streets.
Since 2015, Cleveland’s luxury prices have climbed 59%, but prices still pale in comparison to markets like San Francisco or Seattle, where the median prices top $6 million and $2.9 million, respectively.
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Pittsburgh
Median luxury home price: $846,715
Pittsburgh offers a unique blend of modern amenities, green spaces and a strong local economy all while keeping luxury home prices surprisingly low. With a median price around $847,000 for a luxury property, it’s one of the last larger metros where buyers can still purchase a top-tier home without hitting the million-dollar mark.
According to Redfin, the city has seen a 53.2% increase in luxury home prices since 2015, a slower pace compared with national trends, leaving plenty of room for potential growth.
Indianapolis
Median luxury home price: $914,276
Indianapolis might not be the first city that comes to mind when thinking of luxury, but it’s quietly become a top destination for buyers seeking high-end homes without the hefty price tag. The metro’s median luxury price of just over $914,000 makes it one of the most affordable places to live large.
Neighborhoods like Meridian-Kessler and Geist Reservoir offer spacious homes, private lots and access to top-rated schools. With a 65.3% increase in luxury home prices since 2015, Indianapolis has seen steady appreciation, which is a sign of long-term value for homebuyers.
Its low cost of living and growing economy also make it a strong contender for those relocating from higher-cost areas.
St. Louis
Median luxury home price: $914,453
Next up is St. Louis. With a median luxury home price just shy of $915,000, buyers here can find historical mansions, modern new builds and everything in between.
Neighborhoods such as Ladue and Clayton offer stately homes with high-end finishes, all within commuting distance to downtown. Luxury home prices in St. Louis have climbed 51.9% over the last decade, but the city remains significantly more affordable than other large metros.
For those looking to trade in sky-high prices for space and serenity, St. Louis may be a perfect fit.
San Antonio
Median luxury home price: $957,854
San Antonio stands out as the only Texas metro on Redfin’s list with luxury homes priced just under $1 million. Known for its rich history, cultural attractions and warm weather, San Antonio is increasingly drawing in buyers from Austin, Dallas and beyond who are looking for more space and less competition.
The city’s luxury housing market has grown significantly, with prices rising nearly 68.7% since 2015. San Antonio’s relative affordability, along with its vibrant downtown and strong job market, keeps it high on the list for both local buyers and out-of-state transplants.
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This article originally appeared on GOBankingRates.com: 5 US Metros Where Buyers Could Buy a Luxury Home for Less Than $1 Million
