Redfin Reports a Record 8.5% of U.S. Homes Are Worth $1 Million or More
Redfin reports a record 8.5% of U.S. homes are now worth $1 million or more, up from 7.6% a year ago and more than double the 4% share before the pandemic. This increase is attributed to rising home prices, with the median sale price nationwide up 4% year over year in June. The median sale price of U.S. luxury homes rose 9% year over year to a record $1.18 million in the second quarter.
Despite high mortgage rates reducing demand, a supply shortage is causing competition and keeping prices high. Inventory remains about 30% below pre-pandemic levels. The share of million-dollar homes increased in 47 of the 50 most populous U.S. metros, with California metros seeing the fastest growth. In San Francisco and San Jose, about 80% of homes are worth seven figures.
Redfin riporta che un record del 8,5% delle abitazioni negli Stati Uniti è ora valutato 1 milione di dollari o più, in aumento rispetto al 7,6% di un anno fa e più del doppio rispetto al 4% prima della pandemia. Questo aumento è attribuito all'aumento dei prezzi delle case, con il prezzo di vendita mediano a livello nazionale che è aumentato del 4% rispetto all'anno scorso a giugno. Il prezzo mediano delle case di lusso negli Stati Uniti è aumentato del 9% rispetto all'anno scorso, raggiungendo un record di 1,18 milioni di dollari nel secondo trimestre.
Nonostante i tassi ipotecari elevati riducano la domanda, una penuria di offerta sta creando concorrenza e mantenendo alti i prezzi. Il livello delle scorte rimane circa il 30% al di sotto dei livelli pre-pandemia. La quota di case da un milione di dollari è aumentata in 47 delle 50 aree metropolitane più popolose degli Stati Uniti, con le aree metropolitane della California che mostrano la crescita più rapida. A San Francisco e San Jose, circa l'80% delle abitazioni ha un valore a sette cifre.
Redfin informa que un récord del 8,5% de las casas en EE.UU. ahora tienen un valor de 1 millón de dólares o más, un aumento desde el 7,6% del año pasado y más del doble del 4% antes de la pandemia. Este aumento se atribuye a los precios en alza de las viviendas, con el precio de venta mediano a nivel nacional aumentando un 4% interanual en junio. El precio de venta mediano de las casas de lujo de EE.UU. aumentó un 9% interanual, alcanzando un récord de 1,18 millones de dólares en el segundo trimestre.
A pesar de que las altas tasas hipotecarias reducen la demanda, una escasez de oferta está generando competencia y manteniendo elevados los precios. El inventario sigue siendo aproximadamente un 30% inferior a los niveles prepandémicos. La proporción de casas de un millón de dólares ha aumentado en 47 de las 50 áreas metropolitanas más pobladas de EE.UU., siendo las áreas metropolitanas de California las que muestran el crecimiento más rápido. En San Francisco y San José, alrededor del 80% de las casas valoradas son de siete cifras.
Redfin에 따르면 미국 주택의 8.5%가 현재 100만 달러 이상의 가치를 가지고 있으며, 이는 1년 전의 7.6%에서 증가한 수치이며 팬데믹 이전의 4%의 두 배가 넘는 수치입니다. 이러한 증가의 원인은 주택 가격 상승에 있으며, 6월 전국의 중간 판매 가격은 전년 대비 4% 상승했습니다. 미국의 고급 주택 중간 판매 가격은 전년 대비 9% 상승하여 2분기에는 118만 달러의 기록에 도달했습니다.
높은 모기지 금리가 수요를 줄이고 있지만, 공급 부족으로 인해 경쟁이 치열해지고 가격이 높게 유지되고 있습니다. 재고는 여전히 팬데믹 이전 수준보다 약 30% 낮습니다. 100만 달러 주택의 비율은 미국에서 가장 인구가 많은 50개 대도시 가운데 47곳에서 증가했으며, 캘리포니아 대도시가 가장 빠른 성장을 보이고 있습니다. 샌프란시스코와 샌호세에서는 약 80%의 주택이 7자리 수의 가치를 가지고 있습니다.
Redfin rapporte qu'un record de 8,5% des maisons aux États-Unis valent désormais 1 million de dollars ou plus, en hausse par rapport à 7,6% l'année dernière et plus de deux fois la part de 4% avant la pandémie. Cette augmentation est attribuée à la hausse des prix de l'immobilier, le prix de vente médian à l'échelle nationale ayant augmenté de 4% par rapport à l'année précédente en juin. Le prix de vente médian des maisons de luxe aux États-Unis a augmenté de 9% d'une année sur l'autre pour atteindre un record de 1,18 million de dollars au deuxième trimestre.
Malgré des taux hypothécaires élevés réduisant la demande, une pénurie d'offre crée de la concurrence et maintient les prix élevés. L'inventaire reste environ 30% en dessous des niveaux d'avant pandémie. La part des maisons à un million de dollars a augmenté dans 47 des 50 grandes métropoles américaines, les métropoles de Californie connaissant la croissance la plus rapide. À San Francisco et San José, environ 80% des maisons valent sept chiffres.
Redfin berichtet, dass ein Rekord von 8,5% der US-Häuser jetzt 1 Million Dollar oder mehr wert sind, ein Anstieg von 7,6% im letzten Jahr und mehr als doppelt so hoch wie der Anteil von 4% vor der Pandemie. Dieser Anstieg wird den steigenden Immobilienpreisen zugeschrieben, wobei der Medianverkaufspreis landesweit im Juni um 4% im Vergleich zum Vorjahr gestiegen ist. Der mediane Verkaufspreis von Luxusimmobilien in den USA stieg im Jahresvergleich um 9% auf einen Rekord von 1,18 Millionen Dollar im zweiten Quartal.
Trotz hoher Hypothekenzinsen, die die Nachfrage verringern, führt ein Engpass bei der Verfügbarkeit zu einem Wettbewerb und hält die Preise hoch. Der Bestand liegt immer noch etwa 30% unter dem Niveau vor der Pandemie. Der Anteil der Million-Dollar-Häuser stieg in 47 der 50 bevölkerungsreichsten US-Metropolen, wobei die Metropolen in Kalifornien das schnellste Wachstum verzeichnen. In San Francisco und San Jose sind etwa 80% der Häuser siebenstellig wert.
- Record 8.5% of U.S. homes are worth $1 million or more, up from 7.6% a year ago
- Median sale price nationwide up 4% year over year in June
- Median sale price of U.S. luxury homes rose 9% year over year to a record $1.18 million in Q2
- Share of million-dollar homes increased in 47 of the 50 most populous U.S. metros
- High mortgage rates pushing down home buying demand
- Supply shortage causing competition and keeping prices high
- Inventory still about 30% below pre-pandemic levels
- Rising share of million-dollar homes makes it more difficult for first-time buyers to afford a home
Insights
The record 8.5% of U.S. homes now valued at
The 30% below pre-pandemic inventory levels is a critical factor driving this trend. This scarcity, exacerbated by homeowners reluctant to give up low mortgage rates, is creating a competitive environment that's pushing prices upward. For investors, this suggests potential opportunities in high-end real estate markets, but also highlights the growing affordability crisis for first-time buyers and middle-income households.
The increasing share of million-dollar homes has significant implications for the broader economy and financial markets. This trend could lead to a wealth effect, potentially boosting consumer spending and confidence. However, it also exacerbates wealth inequality, which could have long-term economic consequences.
For investors, the real estate sector, particularly REITs focused on high-end properties, may offer attractive opportunities. However, the sustainability of this trend is questionable, given the current high interest rate environment and potential for market corrections. The recent decline in mortgage rates, improving buyer purchasing power by 'tens of thousands of dollars', could further fuel this trend in the short term, but also increases the risk of a market bubble.
The geographical disparities in million-dollar home distribution highlight significant urban planning challenges. Cities like San Francisco and San Jose, with ~80% of homes valued at
Conversely, the situation in Texas cities like Austin and Houston, where new construction is tempering price growth, demonstrates the impact of proactive housing policies. Urban planners and policymakers in high-cost areas should consider strategies to increase housing supply and diversity, such as zoning reforms and incentives for affordable housing development, to maintain economically diverse and vibrant communities.
Despite high mortgage rates pushing down demand, historically low inventory keeps pushing up home prices, and therefore values
The share of
Prices are rising even more for homes that are already expensive: The median sale price of
Prices are rising despite slow homebuying demand because of a supply shortage
Mortgage rates have been sitting at more than double pandemic-era lows since the start of 2022, pushing monthly housing costs to record highs and driving down home sales.
Soft demand would typically push home prices down, but prices have remained strong in the current market because a supply shortage is causing competition. While inventory has recently improved, it’s still about
For homeowners and sellers, a higher chance that their home is worth more than
“Home prices, insurance and mortgage rates have shot up so much that many people are either priced out of the market or weary of committing to such a high monthly payment,” said Julie Zubiate, a Redfin Premier agent in the
Buyers have caught a bit of a break recently, with declining mortgage rates upping their purchasing power by tens of thousands of dollars. Zubiate said the recent downward trend in mortgage rates is bringing some buyers back to the
There are more million-dollar homes than a year ago nearly everywhere in the
The share of homes worth at least
The share of homes worth seven figures isn’t increasing in
Pricey
The
There are still a handful of fairly inexpensive major metro areas where virtually no homes are worth
To view the full report, including charts, metro-level data and methodology, please visit: https://www.redfin.com/news/million-dollar-homes-increasing
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240816589872/en/
Redfin Journalist Services:
Ally Braun, 206-588-6863
press@redfin.com
Source: Redfin
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