Look, according to Realtor.com Research, the national luxury market is sending some mixed signals right now. The entry point to luxury real estate dropped to just under $1.28 million in June, which represents a decline from the previous month and marks the 27th consecutive month of year-over-year price softening. What caught my attention is that the decline actually widened compared to May, which had shown signs of stabilizing. So we're not seeing the floor hold just yet. When you look across the different tiers of luxury, high-end properties are down nearly four percent year over year, and ultraluxury properties are off by a couple percentage points.
Here's something interesting though. Even with prices coming down, luxury homes are actually selling faster than they were last year across every price tier. Properties at the highest levels are moving about three to four days quicker compared to June of last year. That tells me there's still demand for luxury inventory, even if the asking prices are softening. The overall market dynamics show us that inventory at the million-dollar level has ticked down slightly, which is noteworthy because it means the oversupply situation we saw at the top of the market might be evening out a bit.
When you zoom out to regional markets, we're seeing some real divergence happening. According to the data, San Jose and the Silicon Valley corridor have taken the steepest hit, down nearly twelve percent year over year. But here's where it gets interesting for us in the Bay Area. San Francisco, Oakland, and Fremont just popped back into the top ten most expensive metros in the country, bumping out Santa Rosa from that ranking. The research notes that this reappearance is tied to tech company equity events that have kept some wealthy buyers active in our market, even as the national luxury correction continues grinding along.
The report also digs into vacation home markets, which is a different animal altogether. Places like Nantucket and Martha's Vineyard have more than half their housing stock reserved for seasonal use, which is roughly seventeen times higher than the national average. These vacation destinations command eye-popping prices, with Nantucket's top tier starting above fourteen million. What's telling is that in markets like Nantucket, you're paying for location and land far more than square footage. The vacation home markets are concentrated in coastal areas and mountain destinations across the country.
What I am seeing locally here in the Bay Area is that we're in an interesting middle ground right now. Yes, our broader Silicon Valley luxury market has taken some lumps, but the San Francisco and Oakland regions are benefiting from that tech wealth liquidity that Realtor.com identified. For sellers in those areas, the market is still moving, even if prices are softer. For buyers, you're getting some relief on the asking side, but you still need to be prepared and ready because the better properties are moving quicker than they did a year ago.
