Naples ranks among nation’s priciest luxury markets

The Naples-Marco Island metro area remains one of the nation’s most expensive luxury housing markets, even as high-end home prices show signs of stabilizing after several years of rapid growth.

In December, the entry point for luxury homes in Naples-Marco Island — defined as the 90th percentile of listing prices — stood at $3.61 million, the seventh-highest level in the country, according to the December Realtor.com Luxury Housing Report. That figure marked a 2.3% year-over-year decline but still placed Naples among a small group of elite markets where luxury listings are priced at least five times higher than the local median, highlighting the region’s sharp divide between high-end and typical housing.

Nationally, the threshold for luxury housing slipped just 0.6% from a year earlier to $1.19 million, suggesting that prices at the top end may be nearing a short-term floor after softening through much of 2025. Across the U.S., luxury homes are priced at about three times the median listing price, but that gap varies widely by market.

“Big gaps between luxury and typical home prices aren't automatically a warning sign,” said Anthony Smith, senior economist at Realtor.com. “They often point to markets that are highly segmented, where luxury behaves differently from the rest of the housing market.”

Naples is emblematic of that segmentation. Along with the Miami-Fort Lauderdale-West Palm Beach area and parts of Connecticut, the Naples-Marco Island market ranked among the metros where luxury homes are most disconnected from the broader housing stock, reflecting concentrated demand for waterfront properties, gated communities and resort-style developments.

Despite modest declines, luxury pricing remains elevated across much of Florida. Key West-Key Largo ranked as the second-most expensive luxury market nationally, while Miami placed ninth. In contrast, several major California metros, including Los Angeles, San Jose, Santa Rosa and Oxnard, posted steeper year-over-year declines ranging from 6% to nearly 15%, as those markets continue to adjust after pandemic-era price surges.

Another notable shift emerged at the end of 2025 was Miami surpassing the New York City metro area in the number of active $1 million-plus listings. Realtor.com attributed the change to Miami’s steady luxury inventory and a buyer base heavy with cash purchasers, international buyers, retirees and second-home shoppers. More than a quarter of Miami’s demand originates from the New York metro, driven by tax advantages, climate, lifestyle and the growing presence of finance and technology firms in South Florida.

Across the country, the divide between luxury and typical housing reflects broader development patterns. In markets such as Orlando, Charlotte and Atlanta, luxury homes are priced closer to the median — roughly two to 2.3 times higher — pointing to newer housing stock and fewer ultra-exclusive enclaves.

Even as price growth has slowed, luxury inventory remains a significant slice of the housing market. Million-dollar listings accounted for 12% of all homes for sale nationwide in December, only slightly below year-ago levels.