The multimillion-dollar trophy home has been in hot demand since the pandemic. The number of homes that were sold for more than $1 million has increased by a whopping 81% over the past year, according to a new analysis from Point2 Homes.
In the Midwest alone, the volume of homes sold for more than $1 million has doubled. In the Northeast, the number of luxury home sales climbed by 98%, and in the South sales were up by 94%.
Point2 Homes tracked the share of luxury homes currently on the market in the 30 largest cities, 30 midsized cities, and 30 smallest cities across the country.
Several Californian cities boast some of the highest inventory of luxury real estate listings priced at $1 million or above. San Francisco has the highest share of homes over $1 million and over $3 million. However, the median price in San Francisco is currently $1.5 million, according to the Point2 Homes analysis. Los Angeles has the highest number of properties above $5 million.
Among mid-sized cities, Santa Clarita, Calif., has even more high-end properties than San Francisco.
Among small cities, about 41% of the homes available for sale in Glendora, Calif., are priced above $1 million.
Source: “American Cities With the Highest Share of Luxury Homes for Sale,” Point2 Homes (July 14, 2021)