Million-dollar homes have become more commonplace than ever before, as new data from Redfin (NASDAQ:RDFN) determined nearly one in 10 (8.5%) homes are worth $1 million or more, a record high. The current figure is up 7.6% year-over-year and more than double the 4% pre-pandemic share.
Redfin attributed the growing ubiquity of million-dollar homes to elevated property prices – the median sale price nationwide was up 4% year-over-year in June, while the median sale price of luxury homes rose 9% year-over-year to a record $1.18 million in the second quarter.
The share of homes worth at least $1 million rose year over year in all but three of the 50 most populous metros – the sole market recording a decline was Austin, where 10% of homes are now worth $1 million or more, down slightly from 10.1% last year. It stayed the same in Indianapolis (2%) and Houston (3.6%).
California has the most metros with million-dollar homes while Detroit, Cleveland, Pittsburgh, and Kansas City each had less than 1% of homes are worth seven figures.
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I need to move to a higher priced real estate market. The Midwest is not going to make me rich. Wait a minute, I’ve lived and sold homes for 47 years. Guess I’ll stay where I am
It is called inflation!
They are most certainly not worth $1 million. That’s why the dollars weaker because of Covid lockdowns and government intervention. These properties are really a joke. If they want to intervene, they should take the red tape off the building restrictions. Because even today they build with quality that is worse than 10 years ago.
Cindy, LC & Nicholas, I agree w your comments 100%! Home prices like everything else has gone up at a ridiculous rate! Buyers today are getting hosed bigly and sadly media & so called economists will blame the realtor’s commissions driving up home prices. It appears there’s an agenda afoot: to make homeownership impossible, owning private property a no-no & eliminating self-employed, independent contractors like Realtors.