8.5% of U.S. Homes are Worth $1 Million or More

8.5% of U.S. Homes are Worth $1 Million or More

A Redfin report reveals that 8.5% of U.S. homes are now valued at $1 million or more, a significant increase driven by limited housing inventory and high mortgage rates. This trend is particularly pronounced in coastal cities, with nearly half of all homes in some California cities reaching the million-dollar mark.

• Increase driven by severe shortage of home inventory

• Nearly 1 in 10 U.S. homes are now valued at $1 million or more

• Million-dollar homes more than doubled since the pandemic

Ralph’s Take

The rise in million-dollar homes reflects growing economic disparities and highlights the increasing difficulty for average buyers to enter the housing market. 45% of the single-family homes sold in Westchester County this year, closed for one million dollars or more.