Nearly one in 10 U.S. homes are worth $1 million or more, according to new data from Redfin (NASDAQ:RDFN).
“The supply shortage is making many listings feel hot,” said Redfin Economics Research Lead Chen Zhao. “In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now.”
However, the real estate wealth isn’t be spread about evenly. While the portion of homes worth $1 million or more is up year-over-year in 55 of the 99 most populous metros, the uptick is less than one percentage point in almost all of those.
Redfin reported that East Coast metros are gaining seven-figure homes fastest – 25.8% of homes in the Bridgeport, Connecticut metro are worth at least $1 million, up from 23.1% a year ago for the biggest increase of the new data analysis. That market is followed by Boston, where the share increased from 20.3% to 21.5%, and Newark, New Jersey, with an increase from 8.7% to 9.7%.
But expensive coastal metros are losing million-dollar homes fastest – most notably Seattle with a year-over-year drop from 39.3% to 33%, Oakland, CA (55.1% to 49%) and Oxnard, California (40.2% to 34.5%). And Redfin noted there are “essentially no million-dollar homes in several inexpensive metros, including parts of Texas and upstate New York.”
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