A historic 8.5% of homes in the U.S. are now valued at $1 million or more.

https://preview.redd.it/ehefmaroetjd1.png?width=861&format=png&auto=webp&s=02f54d1396b5adb03fcbd3a5a8fc7ae83c8e3219

In the past four years, this percentage has more than doubled.

According to Redfin’s estimates, 8 million homes were valued at over $1 million in June 2024, compared to 7.2 million in June 2023 and 3.4 million in June 2019.

Additionally, the proportion of homes worth at least $1 million has increased year-over-year in 47 out of the 50 largest metro areas.

At the same time, the median price of luxury homes surged 9.0% year-over-year, reaching a new record high of $1.18 million in Q2 2024.

Housing costs have never been this steep.

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