Leave a Message

By providing Jackie Schoelerman your contact information, you acknowledge and agree to our Privacy Policy and consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.

Thank you for your message. We will be in touch with you shortly.

A New Record: 1 in 10 Homes Are Worth $1 Million or More

WRE News August 19, 2024

Buyer

A New Record: 1 in 10 Homes Are Worth $1 Million or More

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.

Recent Blog Posts

Stay up to date on the latest real estate trends.

What Everyone’s Getting Wrong About the Rise in New Home Inventory

August 29, 2025

You may have seen talk online that new home inventory is at its highest level since the crash.

"Design Experimentation" Was the Goal in This Eclectic Minneapolis Home

August 29, 2025

It’s not unusual for designers to use their own homes as a mad laboratory, fiddling with new materials, half-baked ideas, and “could this work?

Here’s how much you need to walk to see fitness gains, according to experts

August 28, 2025

It just happens that one of the most accessible and budget-friendly forms of exercise is also the most beneficial for your health: walking.

History Shows the Housing Market Always Recovers

August 28, 2025

Now that the market is slowing down, homeowners who haven’t sold at the price they were hoping for are increasingly pulling their homes off the market.

New Home Sales Down 0.6% in July

August 26, 2025

Sales of new single-family houses in July were at a seasonally adjusted annual rate of 652,000, according to estimates released jointly today by the US Census Bureau a… Read more

Should You Still Expect a Bidding War?

August 26, 2025

If you’re still worried about having to deal with a bidding war when you buy a home, you may be able to let some of that fear go.

View All

We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Schedule Appointment