Metro Detroit has been named the top luxury housing market in the United States, according to a fall report from the Wall Street Journal and Realtor.com.  

The lowest price for a home among the top 10% in the area is $721,625, the Emerging Housing Market Index report said, which is over $470,000 less than the national median of $1,243,506.

"Detroit rose to the top because it combines strong buyer demand, attainable pricing, and balanced market fundamentals, traits that have become increasingly valuable in today's high-end housing landscape," Anthony Smith, senior economist at Realtor.com., said in a news release. 

Multi-million dollar homes in Metro Detroit are, on average, on the market for 57 days, according to the report. The top 1% of homes in the area start around $2.84 million. 

The St. Louis metro in Missouri and Illinois is the second-highest luxury housing market, followed by Charlottesville, Virginia.