Not only is the market hot, it’s high-end hot! New data from Redfin shows that purchases of high-end homes jumped 26 percent nationally year over year during the three months ending April 30. That’s nearly double the 14.8 percent increase in purchases of mid-priced homes.
“High-end” homes, in this Redfin report, were defined as homes estimated to be in the 65th-95th percentile in market value. The “mid-priced” bucket contains homes in the 35th-65th percentile, and the “affordable” bucket contains homes that rank in the 5th-35th percentile. This analysis excludes homes in the bottom 5 percent and top 5 percent of the market.
The surge in purchases of high-end properties was led by San Francisco, which saw an 82.4 percent jump in high-end home sales during the three month period. Neighboring Oakland saw a 71.8 percent increase, followed by Miami, San Jose and Las Vegas—all above 60 percent.
Listings of high-end homes also rose during the time frame, up 19.3 percent year over year. This outpaced a 13.9 percent gain in affordable listings and a 9.1 percent increase in mid-priced listings.
Behind high-end properties, affordable home sales we’re up 17.8 percent during the three month period.