The term luxury in real estate has undergone a dramatic shift. Once synonymous with a million-dollar home, today’s luxury threshold starts much higher, influenced by soaring prices, inflation, changing buyer expectations and regional disparities. All these factors have redrawn the map of high-end living.
The luxury tier used to begin at just over $1 million — a figure that in most areas today will just buy a “normal” home. In most areas, luxury begins nearly three times above the median home range. The high-end segment is about at least a million over that median price number and the ultra-luxury properties, those in the top 1 percent, can start at 5 to 10 times over that. It’s a rarefied space, yet there are a substantial number of buyers…..