For past generations, the magic summoned up by the phrase “Million-Dollar!” would be hard to exaggerate—so the idea of St. Cloud million-dollar homes would have represented gawk-worthy artifacts of success. Even though today, “million-dollar” this and that are attached to everyday news items, last week’s announcement from Redfin’s Economic Research unit may have come as something of a surprise. The news was short and sweet:

“Nearly one in 10 U.S. homes are worth $1,000,000 or more.”

The rising proportion of million-dollar properties may be due in part to a weakening U.S. dollar, but by no means is that the whole (or most interesting) story. Some details:

·         55 of the 99 most populous metros have seen a rise in million-dollar and million-dollar+ homes.

·         Of those, “in almost all,” their numbers have grown by less than one percent.

·         Expensive coastal metros are losing million-dollar properties fastest (Seattle, Oakland, and Oxnard CA are the leaders in that group).

·         The headline was a bit exaggerated; rather than 1 in 10, the actual percentage is “Just over 8%.”

·         The new number is significantly “on the upswing” after a 12-month low in February.

·         The share of 7-figure homes has doubled since pre-pandemic days when the percentage was just over 4%.

·         Despite everything, California is “by far” home to the most million-dollar properties (for instance, 81.2% in San Francisco).

Less newsworthy is one major cause for the rise: a shortage of listings for high-end properties. Any local million-dollar homeowner probably won’t lose sleep over being joined by a few others. If you are among them and have been thinking of putting your home on the market, do give me a call!

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