Redfin Reports Nearly 1 in 10 U.S. Homes Are Worth at Least $1 Million, Close to All-Time High
- The share of million-dollar homes is on the rise, reaching 8% and nearing the all-time high of 8.6%
- The median US home-sale price rose 3% in July, with luxury homes up 4.6% year over year
- East Coast metros are gaining million-dollar homes fastest
- California has the highest share of million-dollar-plus homes in the country
- Expensive coastal metros are losing million-dollar homes fastest
The share of million-dollar-plus homes is on the upswing after dropping to a 12-month low in February as scarce inventory drives prices up
The share of homes worth seven figures is on the upswing after dipping to a 12-month low of
Today’s elevated mortgage rates are discouraging potential home sellers, with homeowners staying put to keep their relatively low mortgage rates. Inventory is so low that even though many buyers are sidelined by high rates, those who are in the market are competing for the few homes for sale. That’s driving home prices up and pushing many of those on the cusp above the million-dollar mark.
“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.”
“Still, there’s no rush to offload high-value homes,” Zhao continued. “Recent economic signals that the
The share of homes worth seven figures has doubled since before the pandemic; just over
East Coast metros are gaining seven-figure homes fastest
Parts of New England are gaining million-dollar homes fastest. Just over one-quarter (
All in all, the portion of homes worth
The portion of million-dollar-plus homes is unchanged in three metros and down in the remaining 41.
Share of seven-figure homes is falling in pricey West Coast metros, but they still make up substantial portion of homes
Expensive coastal metros are losing million-dollar homes fastest. The share dropped from
Pricey parts of the country, especially along the West Coast, have seen outsized drops in their portion of million-dollar homes because those markets cooled more than others. Rising mortgage rates and the faltering tech economy deterred homebuyers in many of those places over the last year, though they are now starting to bounce back as buyers get used to elevated rates and the economy smooths out.
Million-dollar homes are virtually nonexistent in some parts of
There are essentially no million-dollar homes in several inexpensive metros, including parts of
The share of homes worth
To view the full report, including charts, methodology and more metro-level data, please visit: https://www.redfin.com/news/million-dollar-homes-share-rises/
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 also run the country's #1 real estate brokerage site. 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 in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a
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Contact Redfin
Redfin Journalist Services:
Isabelle Novak, 414-861-5861
press@redfin.com
Source: Redfin
FAQ
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