Luxury Boomtowns That Never Went Bust: These Pandemic Winners Are Still Flying High

The national luxury housing market experienced a 1.4% year-over-year decline in median list prices for luxury homes in May 2026, reaching $1,283,432. This represents an 8.5% decrease from the pandemic-era price peak observed in May 2023. However, two metropolitan areas, Minneapolis and Boise, ID, have defied this trend, showing continued growth in their luxury real estate markets. As of February 2026, Minneapolis luxury home prices had increased by 5.0% above their pandemic-era peaks, while Boise saw a 4.2% rise. Jeffrey Dewing of Coldwell Banker Realty attributed Minneapolis's resilience to a strong local economy, citing the presence of Fortune 500 companies like Cargill, and a limited housing inventory. The Minneapolis metro area recorded its highest 90th-percentile price in May 2024 at approximately $1.12 million, with continued appreciation pushing its luxury threshold 5% above its post-pandemic peak. Boise's luxury market, which experienced an 87.2% surge in prices during the pandemic, reached a study-period high of $1.31 million in November 2023. By February 2026, Boise's luxury home prices had further increased by 4.2% to $1.45 million, a growth fueled by migration during the COVID-19 pandemic, according to Boise real estate agent Lysi Bishop.