$1 Million Luxury Homes a Thing of the Past: Report

Home prices rose 1.7 percent in July, marking the weakest annual increase in the past decade, the S&P CoreLogic Case-Shiller Index shows.

The new norm for entry-level luxury home prices has jumped to $1.3 million. ppa/Shutterstock

Years ago, a $1 million home used to be known as a luxury status symbol, but today it could be just another random home on a cul-de-sac.

According to Realtor.com, the new norm for entry-level luxury home prices has jumped to $1.3 million—more than 60 percent higher than in July 2016, when a $769,922 price tag was considered luxury living. Now, million-dollar homes comprise 13 percent of America’s listings, and buying into that top 10 percent means spending an additional $300,000.