The luxury housing boom is unraveling. These are the only markets still getting more expensive

Realtor.com reports most luxury home markets have not surpassed pandemic price peaks, with only Minneapolis-St. Paul and Boise now 5% and 4% above prior highs. Boston and Bend have retained most gains, while the Bay Area fell well below pre-pandemic levels but may be rebounding. Listings above $1 million reached 13.8% in May 2026 as the luxury threshold dipped to about $1.28 million.