In February 2020, the number of US homes worth $1m+ was 4.8%. Last month, that number was 8.2%, per Redfin.
The jump was most notable in the Golden State, which never fails to live up to its name:
- 7 of the top 10 metro areas with the highest share of $1m+ homes are in California.
- Almost 9-in-10 homes in San Francisco and San Jose are listed for $1m+. (Even this fixer-upper sold for $2m.)
- Anaheim saw a 28% jump in its share of $1m+ homes.
Why’s this happening?
According to Redfin, low mortgage rates and covid trends led to a 50% drop in the number of homes for sale despite high demand.
The good news — there’s always Elgin, Illinois, where the share of $1m+ homes has grown just 0.1%. That’s lower than anywhere else.
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