Pricier metropolitan areas are posting a noticeable slowdown as high-end homes take longer to sell.
The top 10% of metro markets — those with median prices above $666,464 — recorded a 2.5% year-over-year price decline in October, HousingWire Data shows.
Average home prices in these metros fell from $1.04 million to $1.01 million, marking a sharper correction than in the overall national housing market, which remained essentially flat.
Listings are also staying on the market longer.
Average days on market rose to 73.2 days, up more than 20% compared with last year. Nearly 40% of homes underwent price reductions, signaling an increasingly selective buyer pool.
HousingWire Data’s Market Action Index — a gauge of supply and demand — dipped from 39.7 to 37.1.
High-velocity markets buck trend
Only three of the 37 high-price metros posted strong year-over-year price gains while keeping days on market increases relatively modest.
Honolulu led all markets with a 9.47% surge in median price, climbing from $1.31 million to $1.44 million.
While homes took slightly longer to sell — an additional 4.9 days — demand remained robust. Honolulu’s Market Action Index of 34.5 indicates a balanced but active market driven by an ongoing appetite for destination properties.
Cape Cod’s Barnstable Town also posted solid momentum, with prices rising 4.42% to $1.15 million and only a minimal increase in selling time.
The New York-Northern New Jersey-Long Island region saw prices rise 2.07%, benefiting from sustained demand.
Stable markets hold ground
Fourteen high-end markets showed price changes between minus 2% and plus 2%, placing them in the report’s stable category.
These include Seattle, Boston and San Jose, Calif., where strong local economies and limited high-end inventory helped maintain relative equilibrium.
Even so, stability came with slower sales.
Across these markets, days on market rose an average of 13.1 days as purchasers weigh more options and negotiate more aggressively.
Significant corrections out west
Eight markets posted price declines of 5% or more, with California metros facing some of the steepest corrections.
Napa recorded the most dramatic shift, dropping 10.35% to a $1.52 million median.
Homes also took an average of 42.9 additional days to sell, pushing Napa into clear buyer’s-market territory with a Market Action Index of 29.1.
Flagstaff, Missoula and San Francisco also saw notable declines.
San Francisco’s prices fell 6.71% despite a comparatively strong Market Action Index of 47.4 — an unusual combination that suggests sellers are adjusting prices to match post-pandemic demand realities even in otherwise competitive conditions.
Two markets demonstrated that strategic price adjustments can attract buyers back to the table.
Ocean City, N.J., posted the largest price decline in the report at 15.08%. But that correction resulted in significantly faster sales, with days on market dropping more than 22%.
Salinas, Calif., saw a similar pattern, albeit with more modest gains.
Market remains divided
At the highest end of the spectrum — markets with medians above $1.4 million — performance varied widely.
Santa Barbara, Calif., showed minimal price movement, while San Jose held near steady due in part to tech wealth.
In contrast, Los Angeles and Napa experienced substantial pullbacks.
Data shows a clear trend; high-end buyers now have more leverage as the segment moves gradually toward more buyer-friendly conditions.
