During the pandemic, the number of homes of a million dollars or more in the United States doubled to 8%


Home prices in some US cities are reaching levels that put millions of Americans out of the market. In the last two years of the pandemic, the number of homes valued at $1 million or more doubled to 8%.

The pre-pandemic figure was 4.8%, that is, 3.5 million homes whose market value is $1 million or more; two years later, this figure doubled, up to 6 million houses with this value.

An analysis by Redfin, based on a model that considers data from public records and information from MLS (Multiple Listing Services), estimated the current value of 85 million homes in the country.

The information obtained reveals the movements in the value of housing, in 99 metropolitan areas of the country, including those where the number of houses with a value greater than $1 million dollars, increased markedly.

According to the Redfin report, the Anaheim metro area had, by percentage, the largest increase. In this region, 55% of the houses were worth, until last February, $1 million dollars or more.

In 2020, in this city alone 27% of homes were in this value rangewhich has left out a good number of buyers.

Nominally number one on Redfin’s list is the Bay Area, where nearly nine out of ten properties are worth $1 million or more.

For Redfin analysts, andThis increase in households so noticeable that they exceed the million-dollar ceiling It is one more consequence of the movement of the real estate market that has an imbalance between buyers and a reduced supply.

As they observed in the study, the fewer houses there are for sale, and with the natural increase in their value, there are more and more houses that are located in this upper price range.

β€œRising home values ​​have made many homeowners millionaires, but has put homeownership out of reach for many other AmericansTaylor Marr, deputy chief economist at Redfin, said in a statement.

The 10 metro areas with the most homes over $1 million

San Francisco, California – 88.7% of households
San Jose, California – 85.9% of homes
Anaheim, California – 55.3% of homes
Oakland, California – 55.1% of households
San Diego, California – 40.4% of households
Los Angeles, California – 38.5% of households
Honolulu, Hawaii – 37.1% of households
Seattle, Washington – 36.5% of households
New York, New York – 32.1% of households
Oxnard, California – 31.2% of households

You may also like:
– Mortgage rates: inflation and the crisis in Ukraine push them above 4%, their highest level since 2019
– The 10 most expensive cities in the United States: three are in California
– Housing rent increase: How much can a landlord increase, according to US law.

Comments are closed.