There are more million-dollar homes in the U.S. than ever before. A record 8.5 percent of homes in America now have an estimated value of $1 million or more, according to a new report by Redfin. That’s up from 7.6 percent a year ago and more than twice the four percent recorded in June 2019, prior to the pandemic. Per the findings, the reasons for the spike can be attributed to limited inventory and high demand.
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“The median sale price of U.S. luxury homes rose 9 percent year over year to a record $1.18 million in the second quarter,” noted the report. “Prices of luxury homes rising has an outsized impact on the share of homes worth at least $1 million because a major portion of them have long been on the cusp of hitting the million-dollar mark, and just did.”
Which parts of the country have the highest share of $1 million-plus homes won’t come as a surprise to market watchers. A whopping 80.6 percent of properties in San Francisco were valued at seven figures or more. According to Redfin, that’s up from the 76.4 percent recorded in June of last year. “The Bay Area has a much higher share of million-dollar-plus homes than anywhere else because it has the highest home prices in the country; the median sale price there is roughly $1.5 million,” the report said.
At the same time, the ultra-luxury sector of the U.S. market has continued to show strength in the first half of 2024. So far, there have been six deals that have crossed the $100 million threshold. If the pace continues, sales of $100 million-plus homes are on track to double compared to last year and could surpass 2021’s total of nine homes that sold for over $100 million.
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“I’ve had more billionaires call me so far this year for $100 million homes than I had in the whole of last year,” Aaron Kirman of Christie’s International Real Estate Southern California told Bloomberg . “They want what they want when they want it—and they’re willing to pay for it.”
Most recently, a trophy penthouse atop Central Park Tower in New York City was snapped up for $115 million . The sale of the duplex marked the Big Apple’s first nine-figure deal since 2022. Elsewhere in the country, Oakley founder James Jannard offloaded his Malibu Mansion for an eye-watering $210 million , the priciest-ever home sale in California’s history, besting the $200 million Beyoncé and Jay-Z paid for a Tadao Ando-designed pad, also in Malibu.
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