Since the start of the pandemic, home sales for properties priced from $600,000 to more than $1 million have surged. A new report from real estate data provider HousingCanary found home sales for single-family homes priced above $1 million between March and November were 28.8% higher compared to the same time period in 2019. The same surge is seen in homes priced from $600,000 to $1 million, which experienced a 26.3% yearly increase. And at the other end of the spectrum, homes priced less than $200,000 experienced a double-digit drop in sales.
The data underlines the increasing desire for buyers to upgrade to larger homes with more amenities. Now spending more time at home and frequently working remotely, homeowners are realizing they’re in need of more square footage, home offices and outdoor space, features that often come with a steeper price tag.
Despite their surging popularity, $1 million-plus home sales only represent a fraction of the overall market, with most contracts being recorded on homes in the $200,000 to $400,000 range, according to the report.
Related Stories
Market Data + Trends
Urban Refugees Embrace New Bucolic Lifestyles
Besides trading in their city lifestyles and luxurious penthouses, urban refugees are trading in their suits and Range Rovers for bicycles and…
Housing Markets
Experts Say This City Will Be the Nation's Hottest Market
Economists, investment strategists, and real estate experts predict 2021 to be the year of the Sun Belt cities. Phoenix, Nashville, Tampa, Denver…
Market Data + Trends
The Best and Worst States to Raise a Family
WalletHub reviewed 52 different factors to determine the best and worst states to raise a family in, and one Northeast state placed first. Factors…
