The number of homes valued at $1 million or more is now more than twice what it was pre-pandemic, according to a new analysis of the luxury home market. The data shows that 8.5 percent of homes in America are worth more than $1 million, up from 7.6 percent last year and 4 percent pre-pandemic.
The increase should come as no surprise, given the recent rise in home prices. Price increases spiked during the pandemic-era buyer boom and have only begun to slow over the past year. Those increases pushed home values higher across all price ranges and regions. Certainly in the luxury home market, where the median price of a high-end home has reached $1.18 million and the number of million dollar homes has moved higher in all but three of the 50 most populated U.S. metros over the past year.
[Source: MortgagePoint]
