Beyond the red-hot luxury coastal and resort markets, a new wave of affordable luxury havens is emerging where a budget below $1 million can still secure a high-end estate.
The national luxury threshold, representing the top 10% of the housing market, reached $1.2 million in February, up 1% from the month before but down more than 3% compared to last year, according to the latest Realtor.com® luxury report.
However, in a handful of inventory-rich markets, mostly clustered in the Sun Belt, the entry point for luxury housing sits between 12% and 37% below the national benchmark.
Among those elite “refuge markets,” San Antonio, TX, led the way with a budget-friendly luxury threshold of just $750,510 in February, down roughly 4% year over year.
In San Antonio, the typical “starter” luxury property costs just 2.3 times more than the metro median of $319,990, a figure that is significantly lower than the national luxury-to-median multiple of 2.9.
This pricing gap confirms that San Antonio is currently one of the most attainable luxury markets in the U.S. for 2026.
Lone Star State’s top luxury ‘refuge market’
Travis Amaro, a real estate associate at Kuper Sotheby’s International Realty in San Antonio, says
the South-Central Texas metro remains vastly undervalued when measured against other major regional and national metros, offering buyers a sizable discount compared to pricier markets like Dallas and Austin, TX.
“We have houses here that we sell for $2 million to $3 million, but if you picked that house up and put it in a comparable location in Dallas, it would be a $9 million house,” Amaro tells Realtor.com.
Even at the ultrahigh end, an estate in one of San Antonio’s coveted “old money” enclaves selling for $7 million would command $20 million in Houston or Austin.
“San Antonio’s been discovered, but we still haven’t reached the levels of the other main major cities, and so it’s kind of a secret to most of the country,” says Amaro. “We have the same caliber of houses that you’re going to see in Houston or Dallas. We just don’t have as many of them.”
What keeps prices relatively affordable in San Antonio, according to the real estate associate, is a lack of high-level corporate headquarters after the telecommunication giant AT&T moved its business operations to Dallas in 2008.
Without an influx of senior vice presidents and executives moving in with massive relocation budgets, the price ceiling remains firmly tethered to local wages.
“We just don’t have the corporate level of money spent in San Antonio,” says Amaro.
However, what San Antonio does have is a great highway system allowing residents to get almost anywhere in the city within 30 minutes, even in traffic, and a small-town feel offering a sense of community.
“Even though it’s a city of 1.6 million people, I can go anywhere in the city and most of the time, I run into somebody that I know,” says Amaro.
Meanwhile, Houston emerged as the second most affordable luxury market in February, with the entry to the top 10% of homes in the metro starting at $794,170, up 2.4% from last year.
The sprawling Texas metro also stood out for the pace of its high-end tier, with the typical luxury property staying on the market just 54 days, reflecting intense demand and an active buyer pool.
Elsewhere in the vast Sun Belt, Orlando, FL, came in third, with its luxury threshold reaching $893,671, just 2.2 times the local median, followed by Charlotte, NC, at $898,840.
“Land supply and outward development in Sun Belt metros allow builder-grade luxury to proliferate, and help keep prices from diverging too far from the median,” says Realtor.com senior economist Anthony Smith.
Affordable East Coast luxury
The lone Northeastern entry, Philadelphia, rounded out the top five, with a luxury entry price keeping steady on an annual basis at $899,465, well below the entry point in global markets like New York City, Miami, and Los Angeles.
“For buyers, that means it is still possible to own a luxury residence near Rittenhouse Square or in another prime Center City neighborhood at a price that would often be considered midmarket in many larger cities,” Andy Oei, real estate agent at Berkshire Hathaway HomeServices Fox & Roach Realtors, tells Realtor.com. “Ultraluxury properties certainly exist in Philadelphia, particularly above $3 million, but a much broader group of buyers can realistically participate in the luxury segment.”
One of Philadelphia’s major selling points is that it is a city of neighborhoods catering to a wide range of lifestyle preferences.
“Buyers can choose between the energy of Rittenhouse Square, the historic charm of Society Hill, or the quieter residential character of Fitler Square, while still remaining within a walkable downtown,” says Oei. “That combination of location, lifestyle, and attainable pricing is what defines Philadelphia’s accessible luxury market.”
According to the agent, Philadelphia offers many of the advantages buyers look for in large cities while remaining highly livable.
Center City is extremely walkable, and residents can reach parks, restaurants, theaters, museums, and professional offices within just a few blocks.
The city is also anchored by major institutions such as Penn Medicine, Jefferson Health, the University of Pennsylvania, and Drexel University, which contribute to economic stability and overall quality of life.
In the City of Brotherly Love, entry-level luxury typically takes the form of a well-designed condominium priced between $1 million and $2 million in a desirable neighborhood.
“Buyers consistently prioritize homes that support comfortable city living. Outdoor space, strong natural light, thoughtful floor plans, and proximity to parks and neighborhood restaurants are especially desirable,” says Oei. “Many buyers are also looking for homes that are move-in-ready so they can begin enjoying the lifestyle immediately.”
Unsurprisingly, given its relatively affordable luxury threshold, Philadelphia attracts a steady stream of buyers from higher-priced cities along the Northeast Corridor, including New York City and Washington, DC.
“Buyers relocating from those markets are often surprised by the value they find here,” notes the agent. “In many cases, selling a smaller apartment in Manhattan or Brooklyn allows a buyer to purchase a substantially larger and more refined residence in Center City.”
Although Philadelphia may not always be the first market buyers consider when they think about luxury real estate, Oei says many quickly realize it offers something rare: the lifestyle of a major urban center with a far more accessible entry point into the luxury market.
Other notable budget-friendly markets
A fellow legacy market, Chicago, ranked sixth on the list of metros with the lowest luxury entry points, with the most expensive 10% of listings starting at $909,884.
The Sun Belt hubs of Jacksonville, FL, and Atlanta notched the seventh and eighth spots, with entry-level luxury homes starting at $923,845 and $925,852, respectively.
Dallas ranked ninth, at $951,679, boasting the highest average annual million-dollar listings count of 2,701 properties, with Minneapolis closing out the list at $1.05 million.
“While above the $1 million mark, it represents 2.5 times the local median and remains well below the national luxury floor of $1.2 million,” says Smith.
