March Update

Hi <<First Name>>,
1 out of every 5.5, let’s just say 6 homes on the market today are listed at or above $1M.

We’ve been breaking median sales price records every month for almost a year, and while doing market research I noticed how the number of million-dollar homes for sale has increased.

Speaking of increased, in January the median sale price was $435K. Last month it rose to $450K in short month of February.  A 3% increase.

“The surge in housing values has turned many homeowners into millionaires, but has pushed homeownership out of reach for a lot of other Americans,” Redfin Deputy Economist Taylor Marr said in a statement. “Incomes have increased, but not as fast as home prices, which means many people are stuck renting or have to move somewhere more affordable if they want to buy a home.”

While it’s not unusual for home values to increase over time, the rate and speed at which more and more homes have appreciated, let alone crossed the million dollar threshold is significant.  Demand is real and people are willing to pay more.  Home appraisers are having a tough time in today’s market, but cash buyers are saying, “don’t worry, we’ll waive the appraisal.”

29% of single-family home buyers in February paid cash.