Inventory Snapshot
$1M–$3M: 1,357 homes are available, up 31% year-over-year and 67% higher than 18 months ago. Increased supply is giving buyers more options, but it is also placing downward pressure on prices. $3M–$5M: 192 homes on the market, a 34% increase from last year. Steady supply growth in this tier is balanced by rising buyer demand. $5M–$10M: 99 homes available, nearly unchanged year-over-year, showing stabilization in the upper-luxury segment. $10M+: 47 homes available, a modest 9% increase from last year, with inventory trending stable.
New Listings
Seller confidence remains high, particularly in the higher tiers. $1M–$3M: 358 new listings last month, up 42% year-over-year, continuing the surge of entry-level luxury supply. $3M–$5M: 36 new listings, down from August but still up 29% year-over-year. $5M–$10M: 25 new listings, a 67% increase compared to last year. $10M+: 9 new listings, more than double the volume from one year ago.
Buyer Demand
Pending sales indicate where the market is heading, and the momentum is strong. $1M–$3M: 161 homes under contract, up 71% compared to last year, reflecting strong buyer demand despite softer pricing. $3M–$5M: 13 pending sales, up 63% year-over-year. $5M–$10M: 5 pending sales, a volatile segment but still 67% higher than one year ago. $10M+: Just 1 pending sale in September, showing how selective ultra-luxury buyers remain.
Closed Sales
Sales activity remains steady across most price ranges. $1M–$3M: 137 homes sold, up 13% from last year. $3M–$5M: 12 homes sold, a 33% annual increase. $5M–$10M: 4 homes sold, flat compared to last year. $10M+: 3 closings in September, a noticeable improvement from zero one year ago.
Pricing Trends
$1M–$3M: Median price fell to $1.27M, down 12% year-over-year. With inventory building, buyers have more leverage in this tier. $3M–$5M: Median price at $3.99M, holding relatively steady (-3% vs. last year). $5M–$10M: Median price jumped to $7.88M, a 27% increase compared to September 2024. $10M+: Median closing price of $15.75M, reflecting a 45% increase compared to 18 months ago as trophy properties command premium values.
Final Takeaway
For Buyers: The $1M–$3M segment is offering more choice and negotiating power than in recent years. Buyers in the $3M–$5M range should act decisively—demand is climbing, and competition is firming up. At the very top of the market, opportunities are limited, and exceptional properties continue to achieve record prices. For Sellers: In the $1M–$3M range, pricing competitively is critical to stand out in a crowded field. Sellers in the $5M+ segment can benefit from low relative supply and strong buyer appetite for unique, high-quality estates. The ultra-luxury ($10M+) market remains selective, but when a home trades, it often sets new benchmarks.
