The market for million-dollar homes is experiencing substantial growth across the United States, breaking the confines of traditional luxury areas. Emerging metros like Colorado Springs, Durham-Chapel Hill, and Seattle are seeing a surge in seven-figure home sales, driven by local economic factors such as tech wealth and industry expansion. California remains a leading market with many affluent buyers opting for cash purchases. Overall, rising property values and constrained housing inventory have resulted in a notable increase in luxury home sales nationwide, with 300,000 transactions surpassing $1 million in the past year.
In some markets, particularly in high-priced California metros, $1 million isn't necessarily a luxury price-it's just the norm for a typical home.
Experts point to a combination of rising interest rates and limited inventory as key drivers for the increase in the $1 million-plus housing market.
Collection
[
|
...
]