(Bloomberg) — The percentage of homes in the United States worth at least $1 million has nearly doubled from before the pandemic, in a housing market that shows no signs of cooling off.
8.2% of US homes were worth at least seven figures in February, up from 4.8% two years earlier, according to a new report of home sales site Redfin Corp. Anaheim, Calif., saw the largest increase in homes worth at least $1 million, nearly doubling to 55.3%. California accounted for seven of the top 10 cities with the highest proportion of seven-figure households, while Honolulu, Seattle and New York filled out the rest, according to the report.
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Million-Dollar Listings
Anaheim has experienced a severe housing shortage, which has contributed to rising prices, Redfin said. The number of homes for sale in the city fell by 42.5% year-on-year in January, one of the largest declines among the metropolitan areas analyzed.
“Anaheim home seekers regularly compete with dozens of other people,” the Redfin agent said. Linda Tessitore it’s a statement. “Low mortgage rates and lack of inventory are the main factors driving the rise in bidding and price wars.”
Record home prices and multiple offers have become the norm in many US cities due to strong demand from young families and remote workers looking to relocate. January was the most competitive month ever in the US, as high-end inventory continues to evaporate.
San Francisco had the highest rate of million-dollar homes, at 88.7%, followed by San Jose, at 85.9%, and Anaheim, according to Redfin. The average sales price in San Francisco and San Jose was $1.4 million in January.
At the opposite end of the market, just 0.1% of homes in Elgin, Illinois, were worth at least $1 million in February. El Paso, Texas and Columbia, South Carolina had 0.2% of homes in the $1 million range.
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Million-Dollar U.S. Homes Nearly Double From Pre-Pandemic Levels
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