Why today’s affluent buyer is still spending — but only on homes that justify the price

By Bruce McQuiston
Coldwell Banker Global Luxury | Your Personal Real Estate Coach

If you’ve been watching the Denver housing market, you may have noticed something that seems contradictory.

Some luxury homes are sitting longer.

Price reductions are showing up.

Buyers are negotiating.

And yet, million-dollar home sales are still running ahead of last year.

So which is it?

Is the luxury market slowing down?

Or is demand still strong?

The answer is:

Both can be true.

Today’s luxury market isn’t defined by a lack of buyers.

It’s defined by more selective buyers.

And that distinction matters enormously if you’re selling or buying a luxury home in Denver, Cherry Hills Village, Greenwood Village, Littleton, Highlands Ranch, Castle Rock or elsewhere in the South Denver Metro area.

Luxury Buyers Haven’t Left the Market

The Institute for Luxury Home Marketing describes the North American luxury market in 2026 as increasingly driven by intention, lifestyle and long-term value rather than the urgency that defined the pandemic-era market. Affluent buyers remain active, but they’re becoming much more deliberate about where they place their money.

Denver is showing the same pattern.

DMAR reported that through June 2026, the Denver Metro $1 million-and-up market closed 3.12% more homes than the same period in 2025, 10.11% more than 2024 and 23.21% more than 2023. A total of 2,973 million-dollar-plus properties had closed through June, representing 14.12% of all Denver Metro sales.

Even within the luxury market, activity strengthened as prices increased.

Compared with June 2025:

• $1 million–$1.499 million closings increased about 1%
• $1.5 million–$1.99 million closings increased 9.31%
• $2 million-and-up closings increased a little over 2%

That’s not a market without buyers.

It’s a market where buyers are asking more of the property.

The Real Change Is Speed

This is where sellers need to reset expectations.

Denver’s $1 million-plus market had a median 14 days in MLS year-to-date through June, with an average of 47 days. That’s considerably slower than the extraordinary pandemic market. In 2022, the same segment had a median of only four days and an average of 18 days.

That’s a major change in psychology.

Four years ago, a luxury seller could put a home on the market and reasonably expect immediate attention.

Today?

The buyer may take a second look.

Compare three alternatives.

Examine the roof.

Look at the mechanical systems.

Consider the cost of replacing windows.

Calculate what renovations will cost.

And then decide whether the asking price still makes sense.

That doesn’t mean the buyer can’t afford the home.

It means the buyer doesn’t feel obligated to buy this home.

Bruce’s Perspective

This is one of the most important differences between the luxury market and the broader housing market.

Affluent buyers often have choices that aren’t available to the typical buyer.

They may pay cash.

They may have substantial equity.

They may own multiple properties.

They may choose to wait.

That creates a buyer who has the ability to purchase — but doesn’t necessarily have the urgency to purchase.

The Institute’s research describes exactly that dynamic: affluent buyers remain financially capable, but they are increasingly focused on whether a property represents genuine value. Scarcity by itself isn’t enough. The strongest demand is going toward homes with exceptional location, turnkey condition, architectural quality, privacy, views, significant land and distinctive lifestyle features.

That’s why Bruce believes today’s luxury seller has to answer a different question:

Why should an affluent buyer choose this property over every other option available to them?

That’s where luxury marketing starts.

Move-In Ready Has Become a Luxury Feature

One of the clearest Denver trends right now is the premium buyers are placing on condition.

DMAR reported that buyers increasingly favor updated, well-maintained homes, while properties needing substantial work are taking longer and creating more negotiating room. In the $2 million-plus detached segment, inventory reached approximately 4.63 months in June.

That creates an interesting divide.

The best properties can still perform extremely well.

But a luxury price tag doesn’t automatically make a home a luxury product.

A $2 million home with:

dated windows,

an aging roof,

older mechanical systems,

deferred exterior maintenance,

and a kitchen that needs a substantial renovation

may be competing against another $2 million property where all of that work has already been completed.

Today’s buyer knows what those projects cost.

And they’re building that cost into the decision.

Luxury Buyers Are Buying More Than Square Footage

This is another shift Bruce believes sellers need to understand.

At the high end, the buyer isn’t simply purchasing bedrooms, bathrooms and finished square footage.

They’re buying what the property allows them to experience.

Privacy.

Views.

Land.

Outdoor living.

Home offices.

Fitness and wellness spaces.

Multiple-generation flexibility.

Security.

Architecture.

Location.

Proximity to golf, recreation, dining and travel.

The Institute notes that affluent buyers are increasingly placing value on flexibility, wellness, technology, privacy and multigenerational living. Luxury real estate is becoming as much about what the home enables as the physical property itself.

That changes how Bruce markets a luxury home.

The MLS specifications matter.

But they aren’t the story.

The story is:

Why does owning this property make someone’s life better?

This Is Why Luxury Marketing Can’t Be Generic

Luxury sellers sometimes assume that expensive photography and a luxury brokerage logo are the marketing strategy.

They’re not.

They’re ingredients.

Bruce’s approach starts much earlier.

First:

Define the seller’s objective.

Is the priority maximum net proceeds?

Timing?

Privacy?

A relocation?

Estate planning?

Buying another property?

Then:

Understand the competition.

What else can this buyer purchase at $1.5 million?

$2 million?

$3 million?

What does that inventory offer that this home doesn’t?

Then:

Identify the property’s irreplaceable characteristics.

Views.

Acreage.

Architecture.

Location.

Privacy.

Outdoor living.

Garage space.

Remodeled interiors.

Access to golf, trails or entertainment.

Those become the center of the marketing.

Because in today’s luxury market, being expensive isn’t enough.

The property has to be compelling.

Denver’s Highest-End Sales Show the Money Is Still There

June’s highest-priced detached Denver Metro sale closed at $8.5 million, while the highest attached sale reached $3.239 million.

That doesn’t mean every luxury property is easy to sell.

Quite the opposite.

It demonstrates that buyers with substantial purchasing power are still active.

But they’re selective about what earns their attention.

That’s consistent with the broader North American luxury market, where demand remains resilient even as buyers become more disciplined about value.

What This Means for Denver Luxury Sellers

Today’s opportunity is real.

But the strategy has to change.

A seller shouldn’t assume:

“There aren’t many homes like mine, so someone will pay my price.”

Scarcity alone no longer guarantees urgency.

Instead:

Prepare the property.

Understand the competition.

Address meaningful deferred maintenance.

Price from today’s market, not the 2022 market.

Lead with the home’s distinctive characteristics.

And create enough marketing depth that affluent buyers understand why the property deserves its position.

That’s the difference between simply listing a luxury home and taking a luxury property to market.

What This Means for Luxury Buyers

Buyers have an interesting opportunity as well.

The strongest properties can still attract competition.

But homes that are:

overpriced,

dated,

poorly positioned,

or sitting longer

can create negotiating opportunities.

That doesn’t always mean simply asking for a lower price.

The better negotiation might involve:

seller concessions,

repairs,

inspection terms,

personal property,

possession,

or other terms that improve the overall transaction.

Bruce’s philosophy remains the same:

Leverage belongs to the transaction — not automatically to the buyer or seller.

Bruce’s Luxury Market Takeaway

The Denver luxury market isn’t weak.

And it isn’t frenzied.

It’s discriminating.

That’s an important difference.

Buyers with financial capacity are still purchasing.

But they’re asking better questions.

Is this property special?

Is it well maintained?

Is the location difficult to replicate?

Does the lifestyle justify the price?

What will it cost to own and improve?

Could I buy something better?

Those questions are separating the luxury homes that sell from the luxury homes that simply sit.

The Bottom Line

The Greater Denver luxury market still has depth.

Sales above $1 million are ahead of last year.

High-end transactions continue to occur.

And affluent buyers still view real estate as both a lifestyle asset and a component of long-term wealth.

But today’s market rewards something different than it did a few years ago.

Quality over urgency.

Value over hype.

Condition over potential.

Strategy over simply putting a luxury home on the MLS.

If you’re considering selling a luxury property in Denver, Cherry Hills Village, Greenwood Village, Littleton, Highlands Ranch, Castle Rock or elsewhere in South Denver Metro, Bruce believes the first conversation shouldn’t be:

“How high can we price it?”

It should be:

“What will make the right affluent buyer choose this home?”

That’s where a successful luxury strategy begins.

Bruce McQuiston
Coldwell Banker Global Luxury
Your Personal Real Estate Coach

Data Before Opinion. Strategy Before Sales.

Why today’s affluent buyer is still spending — but only on homes that justify the price

By Bruce McQuiston
Coldwell Banker Global Luxury | Your Personal Real Estate Coach

If you’ve been watching the Denver housing market, you may have noticed something that seems contradictory.

Some luxury homes are sitting longer.

Price reductions are showing up.

Buyers are negotiating.

And yet, million-dollar home sales are still running ahead of last year.

So which is it?

Is the luxury market slowing down?

Or is demand still strong?

The answer is:

Both can be true.

Today’s luxury market isn’t defined by a lack of buyers.

It’s defined by more selective buyers.

And that distinction matters enormously if you’re selling or buying a luxury home in Denver, Cherry Hills Village, Greenwood Village, Littleton, Highlands Ranch, Castle Rock or elsewhere in the South Denver Metro area.

Luxury Buyers Haven’t Left the Market

The Institute for Luxury Home Marketing describes the North American luxury market in 2026 as increasingly driven by intention, lifestyle and long-term value rather than the urgency that defined the pandemic-era market. Affluent buyers remain active, but they’re becoming much more deliberate about where they place their money.

Denver is showing the same pattern.

DMAR reported that through June 2026, the Denver Metro $1 million-and-up market closed 3.12% more homes than the same period in 2025, 10.11% more than 2024 and 23.21% more than 2023. A total of 2,973 million-dollar-plus properties had closed through June, representing 14.12% of all Denver Metro sales.

Even within the luxury market, activity strengthened as prices increased.

Compared with June 2025:

• $1 million–$1.499 million closings increased about 1%
• $1.5 million–$1.99 million closings increased 9.31%
• $2 million-and-up closings increased a little over 2%

That’s not a market without buyers.

It’s a market where buyers are asking more of the property.

The Real Change Is Speed

This is where sellers need to reset expectations.

Denver’s $1 million-plus market had a median 14 days in MLS year-to-date through June, with an average of 47 days. That’s considerably slower than the extraordinary pandemic market. In 2022, the same segment had a median of only four days and an average of 18 days.

That’s a major change in psychology.

Four years ago, a luxury seller could put a home on the market and reasonably expect immediate attention.

Today?

The buyer may take a second look.

Compare three alternatives.

Examine the roof.

Look at the mechanical systems.

Consider the cost of replacing windows.

Calculate what renovations will cost.

And then decide whether the asking price still makes sense.

That doesn’t mean the buyer can’t afford the home.

It means the buyer doesn’t feel obligated to buy this home.

Bruce’s Perspective

This is one of the most important differences between the luxury market and the broader housing market.

Affluent buyers often have choices that aren’t available to the typical buyer.

They may pay cash.

They may have substantial equity.

They may own multiple properties.

They may choose to wait.

That creates a buyer who has the ability to purchase — but doesn’t necessarily have the urgency to purchase.

The Institute’s research describes exactly that dynamic: affluent buyers remain financially capable, but they are increasingly focused on whether a property represents genuine value. Scarcity by itself isn’t enough. The strongest demand is going toward homes with exceptional location, turnkey condition, architectural quality, privacy, views, significant land and distinctive lifestyle features.

That’s why Bruce believes today’s luxury seller has to answer a different question:

Why should an affluent buyer choose this property over every other option available to them?

That’s where luxury marketing starts.

Move-In Ready Has Become a Luxury Feature

One of the clearest Denver trends right now is the premium buyers are placing on condition.

DMAR reported that buyers increasingly favor updated, well-maintained homes, while properties needing substantial work are taking longer and creating more negotiating room. In the $2 million-plus detached segment, inventory reached approximately 4.63 months in June.

That creates an interesting divide.

The best properties can still perform extremely well.

But a luxury price tag doesn’t automatically make a home a luxury product.

A $2 million home with:

dated windows,

an aging roof,

older mechanical systems,

deferred exterior maintenance,

and a kitchen that needs a substantial renovation

may be competing against another $2 million property where all of that work has already been completed.

Today’s buyer knows what those projects cost.

And they’re building that cost into the decision.

Luxury Buyers Are Buying More Than Square Footage

This is another shift Bruce believes sellers need to understand.

At the high end, the buyer isn’t simply purchasing bedrooms, bathrooms and finished square footage.

They’re buying what the property allows them to experience.

Privacy.

Views.

Land.

Outdoor living.

Home offices.

Fitness and wellness spaces.

Multiple-generation flexibility.

Security.

Architecture.

Location.

Proximity to golf, recreation, dining and travel.

The Institute notes that affluent buyers are increasingly placing value on flexibility, wellness, technology, privacy and multigenerational living. Luxury real estate is becoming as much about what the home enables as the physical property itself.

That changes how Bruce markets a luxury home.

The MLS specifications matter.

But they aren’t the story.

The story is:

Why does owning this property make someone’s life better?

This Is Why Luxury Marketing Can’t Be Generic

Luxury sellers sometimes assume that expensive photography and a luxury brokerage logo are the marketing strategy.

They’re not.

They’re ingredients.

Bruce’s approach starts much earlier.

First:

Define the seller’s objective.

Is the priority maximum net proceeds?

Timing?

Privacy?

A relocation?

Estate planning?

Buying another property?

Then:

Understand the competition.

What else can this buyer purchase at $1.5 million?

$2 million?

$3 million?

What does that inventory offer that this home doesn’t?

Then:

Identify the property’s irreplaceable characteristics.

Views.

Acreage.

Architecture.

Location.

Privacy.

Outdoor living.

Garage space.

Remodeled interiors.

Access to golf, trails or entertainment.

Those become the center of the marketing.

Because in today’s luxury market, being expensive isn’t enough.

The property has to be compelling.

Denver’s Highest-End Sales Show the Money Is Still There

June’s highest-priced detached Denver Metro sale closed at $8.5 million, while the highest attached sale reached $3.239 million.

That doesn’t mean every luxury property is easy to sell.

Quite the opposite.

It demonstrates that buyers with substantial purchasing power are still active.

But they’re selective about what earns their attention.

That’s consistent with the broader North American luxury market, where demand remains resilient even as buyers become more disciplined about value.

What This Means for Denver Luxury Sellers

Today’s opportunity is real.

But the strategy has to change.

A seller shouldn’t assume:

“There aren’t many homes like mine, so someone will pay my price.”

Scarcity alone no longer guarantees urgency.

Instead:

Prepare the property.

Understand the competition.

Address meaningful deferred maintenance.

Price from today’s market, not the 2022 market.

Lead with the home’s distinctive characteristics.

And create enough marketing depth that affluent buyers understand why the property deserves its position.

That’s the difference between simply listing a luxury home and taking a luxury property to market.

What This Means for Luxury Buyers

Buyers have an interesting opportunity as well.

The strongest properties can still attract competition.

But homes that are:

overpriced,

dated,

poorly positioned,

or sitting longer

can create negotiating opportunities.

That doesn’t always mean simply asking for a lower price.

The better negotiation might involve:

seller concessions,

repairs,

inspection terms,

personal property,

possession,

or other terms that improve the overall transaction.

Bruce’s philosophy remains the same:

Leverage belongs to the transaction — not automatically to the buyer or seller.

Bruce’s Luxury Market Takeaway

The Denver luxury market isn’t weak.

And it isn’t frenzied.

It’s discriminating.

That’s an important difference.

Buyers with financial capacity are still purchasing.

But they’re asking better questions.

Is this property special?

Is it well maintained?

Is the location difficult to replicate?

Does the lifestyle justify the price?

What will it cost to own and improve?

Could I buy something better?

Those questions are separating the luxury homes that sell from the luxury homes that simply sit.

The Bottom Line

The Greater Denver luxury market still has depth.

Sales above $1 million are ahead of last year.

High-end transactions continue to occur.

And affluent buyers still view real estate as both a lifestyle asset and a component of long-term wealth.

But today’s market rewards something different than it did a few years ago.

Quality over urgency.

Value over hype.

Condition over potential.

Strategy over simply putting a luxury home on the MLS.

If you’re considering selling a luxury property in Denver, Cherry Hills Village, Greenwood Village, Littleton, Highlands Ranch, Castle Rock or elsewhere in South Denver Metro, Bruce believes the first conversation shouldn’t be:

“How high can we price it?”

It should be:

“What will make the right affluent buyer choose this home?”

That’s where a successful luxury strategy begins.

Bruce McQuiston
Coldwell Banker Global Luxury
Your Personal Real Estate Coach

Data Before Opinion. Strategy Before Sales.