Just over 8 percent of U.S. homes are worth $1 million or more, nearing June 2022’s all-time high of 8.6 percent, according to Redfin. The share of homes worth seven figures is rising after dipping to a 12-month low of 7.3 percent this past February.
“The supply shortage is making many listings feel hot,” said Redfin Economics Research Lead Chen Zhao. “In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now.
“Still, there’s no rush to offload high-value homes,” Zhao continued. “Recent economic signals that the U.S. may avoid a broad recession could cause high-end buyers to feel more confident in making a major purchase in the coming months. There may be more demand coming down the pipeline.”
Parts of New England are gaining million-dollar homes fastest, including in Bridgeport, CT, Boston and Newark. Coastal metros are losing million-dollar homes fastest, with the biggest decline happening in Seattle. It’s followed by Oakland, Oxnard, Los Angeles, San Diego, San Jose, San Francisco and Anaheim.