That’s nearly double the pre-pandemic share. The biggest jump was in Anaheim, where 55% of homes were worth $1 million or more in February, up from 27% two years earlier. As expensive homes take up a larger chunk of the housing market, many Americans are getting priced out. Nationwide, a record 8.2% of U.S. homes […]
A Record 8% of U.S. Homes Are Worth At Least $1 Million Read More »
At the same time last year, 2,400 homes had sold for at least $100,000 over asking. Americans were competing for a limited number of homes for sale at the beginning of this year, trying to get ahead of rising mortgage rates—and they paid up to win. Nationwide, 5,897 homes sold for at least $100,000 over
Nearly 6,000 U.S. Homes Have Sold For $100,000+ Above Asking Price This Year Read More »
Redfin’s chief economist predicts the share of Americans relocating will keep increasing as the year goes on, with rising mortgage rates and skyrocketing rents making affordable metros more attractive than ever. A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January. That’s up from the previous peak of
Nearly 1 in 3 Homebuyers Is Looking to Relocate, an All-Time High Read More »
Investors bought 18.4% of the U.S. homes that were purchased in the fourth quarter, a record high. Investor demand is stronger than ever as home prices increase, allowing investors to charge higher rents and sell flipped homes for higher prices. Real estate investors bought roughly 80,000 U.S. homes worth a total of $50 billion in
Real Estate Investors Are Buying a Record Share of U.S. Homes Read More »
Relocators have more to spend on homes than locals in 42 of the 49 cities included in this analysis. The average out-of-towner moving to Nashville in 2021 had $736,900 to spend on a home, 28.5% higher than the $573,400 average budget for local buyers. That’s the biggest gap among the cities included in this analysis.
Redfin economists predict mortgage rates will hit 3.9% by the end of the year. At that level, homebuyers could afford a $382,250 home on $2,000 per month, down from $396,000 at today’s mortgage rate. Austin, Atlanta and Phoenix—all popular migration destinations—would see among the biggest drops in the share of homes affordable on a $2,000
