Million-dollar properties vary greatly across the United States.

Realtor.com’s Luxury Housing Report for September highlights that a budget in the seven-figure range can mean vastly different living situations depending on the location. For instance, in Atlanta, such a budget could afford you a spacious 4,500-square-foot estate, whereas in Honolulu, it might only get you a cozy 1,700-square-foot condo.

The entry-level price for luxury homes nationwide slightly decreased to $1.24 million in September, marking a reduction of 0.5% from August and a 2.4% decline from the previous year. Nonetheless, location remains the primary factor influencing the purchasing power of your dollar.

In cities like Atlanta, Denver, and Dallas, homes priced between $1 and $2 million tend to offer more than 4,000 square feet, which is approximately double the size of similar properties in places like Honolulu or San Jose, where the median size is around 1,650 to 1,700 square feet.

Danielle Hale, Realtor.com’s chief economist, commented in the report, “We’re observing a stable adjustment in the luxury home market following a period of volatility.”

“The modest softening in luxury prices points to a market where buyers and sellers are adjusting expectations in line with broader economic conditions. In many cases, demand remains strong for well-priced homes, especially those that deliver distinctive space, quality or location.”

Nationally, the report finds luxury homes lingering longer on the market — about 79 days for the 90th percentile, one day more than last month and five days longer than a year ago. 

Ultra-luxury listings — those at the 99th percentile — spend an average of 103 days before selling. 

The million-dollar listing share held steady at 13%, signaling that the slowdown reflects normalization rather than a retreat.

Santa Barbara, in California, topped the list of priciest luxury markets, with the top 10% of homes starting at $8.95 million. Heber, Utah ranked second at $6.5 million, boosted by high-end resort demand and limited inventory. Key West; Bridgeport, Connecticut; and Los Angeles rounded out the top five.

Meanwhile, Honolulu’s $827 per-square-foot price makes it the least forgiving market for buyers in the $1 to $2 million tier, followed closely by Silicon Valley, where the San Jose–Sunnyvale–Santa Clara metro sits near $828 per square foot.

By contrast, Atlanta reigns as the “most space for your million” capital, where $301 per square foot stretches farthest, followed closely by Denver and Houston. Each offers homes roughly 40% larger than the national median of 2,994 square feet.

At the high end, markets are cooling but not collapsing. The 95th percentile of listings now starts around $1.95 million, a 1.2% monthly decline, while the 99th percentile — ultra-luxury homes beginning at $5.41 million — slipped just 0.2%.

Overall, the data suggest luxury real estate is entering a “Goldilocks” phase — neither too hot nor too cold.

For buyers, that means more room to negotiate in Atlanta or Denver — and less of it, figuratively and physically, in Honolulu or San Jose.