Redfin Reports West Palm Beach Tops 10-Year Luxury Home Price Growth as Traditional Giants Like New York Lag Behind

• Luxury home sale prices in West Palm Beach, FL have jumped 187.3% to a median $4.04 million over the past decade—the fastest growth among major U.S. metros.
• The Sun Belt is home to 8 of the 10 major metros with the fastest growth in luxury home prices since 2015.
• New York has posted the smallest price growth among major metros in the past 10 years, rising 15.4%—well below the national rise of 82.5%.

West Palm Beach, FL is leading a Sun Belt luxury surge that is redefining the upper end of the U.S. housing market, according to a new report from Redfin, the real estate brokerage powered by Rocket.

Luxury homes in the South Florida metro sold for a median of $4.04 million in October, up 187.3% from a decade ago—more than double the national rise of 82.5%, and the fastest growth of any major metro.

This is according to a Redfin analysis of luxury home sale prices from October 2015 through October 2025. Redfin defines luxury homes as those estimated to be in the top 5% of their metro area's price range. All figures are based on rolling three-month periods and are subject to revision. Major metros are the 50 most populous U.S. metros.

Wealthy buyers are flocking south

West Palm Beach hasn't just led major metros over the full decade—it has remained one of the nation's strongest luxury markets every year.

Over the past five years, luxury prices in the metro rose 105%, the second-fastest increase among major U.S. metros and only slightly behind Miami. West Palm Beach has also been the nation's fastest-growing luxury market for most of the past year, posting the highest annual price growth in nine of the past 12 months.

One of the things driving wealthy buyers towards South Florida is the state's no-income-tax structure, which became even more compelling after the 2017 SALT deduction cap increased the tax burden for high earners in states like New York and California.

Elena Fleck, a Redfin luxury expert in Palm Beach, says the pandemic and the rise of remote work then opened the door for high-earning buyers from big East and West Coast cities to relocate south.

"Palm Beach has really grown into what many people call ‘Wall Street South,'" Fleck said. "We're seeing hedge-fund managers, private-equity partners and family offices set up shop here, and that shift brings a steady stream of high-end buyers looking for luxury properties close to where they now work and network. The national profile of the area—boosted in part by the prominence of Mar-a-Lago and its role as a gathering place for high-profile figures—has also increased the area's visibility among wealthy buyers considering a relocation."

Sun Belt dominates list of metros with fastest luxury home price growth since 2015

Eight of the 10 major metros with the fastest growth in luxury home prices since 2015 are in the Sun Belt, reflecting a broader, decade-long shift in where high-end homebuyers are choosing to put down roots.

Following West Palm Beach in the top five are Nashville (+171%), Phoenix (+165.7%), Las Vegas (+161%) and Miami (+148%).

"The luxury market has expanded far beyond its traditional boundaries," said Redfin Head of Economic Research Chen Zhao. "The priciest homes used to be more concentrated in a smaller number of East and West Coast metros. Today, high-end wealth is increasingly distributed across the Sun Belt—from Florida to Texas to Arizona."

New York luxury home prices have grown the slowest since 2015

Despite being a global center for commerce and trade and home to many of America's wealthiest families and individuals, luxury home prices have only risen 15.4% in New York over the past decade—the smallest gain among major metros.

Houston (+49.8%), Newark, NJ (+53%), Pittsburgh (+55.4%) and Chicago (+55.9%) round out the five major metros with the smallest luxury price gains from a decade ago.

New York's luxury housing market was already cooling before the pandemic as new taxes on high-priced homes and a flood of new condo developments tempered demand. When the pandemic hit, that slowdown deepened as wealthy buyers fled the city for larger suburban or Sun Belt homes and foreign investment dried up.

Still, there are signs that the market is shifting up, with New York luxury prices gaining 8% in October from a year earlier.

San Francisco retains position as the most expensive luxury market in the country

San Francisco luxury prices (+57.8% since 2015) rose slower than the national rate, but the metro maintained its spot as the most expensive luxury home market in the country with a median luxury price of $6,439,094 in October.

A notable climber at the top of the luxury price rankings is Anaheim, CA, which rose to third place in October (from fifth in 2015) after posting the single largest dollar increase in median luxury prices of any major metro, (+$2.6 million since 2015).

Others climbing multiple spots at the top of the list included West Palm Beach rising to sixth place (from 11th in 2015), Miami rising to fifth place (from eighth in 2015) and Seattle rising to ninth spot (from 12th in 2015).

With price growth stalling, New York slipped from second on the list of most expensive luxury markets in 2015 to sixth on the list in October—leapfrogged by San Jose, Anaheim, Los Angeles and Miami.

Other notable falls among the top 12 included San Diego dropping from sixth to eighth and Oakland, CA dropping from seventh to 10th.

Las Vegas and Phoenix have risen the most in the luxury home price rankings since 2015

Several Sun Belt metros not only became more expensive—they moved dramatically higher in the national luxury price rankings among major metros. Las Vegas and Phoenix both climbed 15 spots, the biggest leaps in the country, and Nashville, Orlando and Charlotte were close behind.

At the other end of the spectrum, Houston fell 15 places to be the 35th most expensive luxury market in October (from 20th in 2015)—the biggest drop among major metros.

Chicago, Baltimore, Montgomery County, PA, and Portland rounded out the major metros that have fallen the most in the luxury price rankings since 2015.

To view the full report, including a chart, tables and full metro-level data, please visit: https://www.redfin.com/news/luxury-home-prices-decade

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE:RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

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Tana Kelley

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