A New Record: 1 in 10 Homes Are Worth $1 Million or More
WRE News August 19, 2024
Buyer
WRE News August 19, 2024
Buyer
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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