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Sales of $1M-Plus Homes Soar

Unlike past housing booms, the real estate market is seeing a surge in sales at the very top of the housing market. More expensive properties are selling nearly twice as fast as lower- and mid-priced homes.

“Wealthier Americans have benefited greatly during the pandemic thanks to the rising stock market, which typically helps grow net wealth,” Lawrence Yun, chief economist at the National Association of Realtors®, told The Washington Post. “So there’s greater demand for luxury housing now and that sector isn’t as hamstrung by inventory shortages as the rest of the market.”

Record-setting real estate transactions are occurring across the country. The number of home sales in the U.S. priced above $1 million surged 244.4% year over year in May, according to NAR.

Initially, the pandemic’s buying frenzy was mostly centered in suburban areas. But that has since spread across the market, including to the priciest homes for sale. Like other price points, the luxury market is also reportedly seeing more bidding wars than it traditionally does.

Americans have been craving more space since the pandemic began. They’re snatching up larger homes while many people continue to work from home. Low mortgage rates and stock market gains also may have put more of these $1 million homes within reach.

Source: National Association of Realtors, Realtor Magazine

Are you considering selling and/or purchasing a home in the Philadelphia Metropolitan Area? More than ever, you need expert, professional representation. Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing.

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Information is deemed reliable but not guaranteed.