![\"\"](\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/02\/image-1-1024x768.png\")
<\/p>\nNationwide, 10.8% of saved searches on Redfin.com filtered exclusively for homes priced over $1 million in January. That\u2019s up from 8.5% a year earlier and the highest share since Redfin started tracking this data in the beginning of 2017.<\/p>\n
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At the same time, 36% of home searches in January filtered exclusively for homes priced under<\/i> $500,000, down from 39.3% a year earlier and the lowest share since September 2017.<\/p>\n
Low mortgage rates and quickly rising home values\u2014the national median home-sale price rose 13% year over year in December\u2014are two reasons why a record share of homebuyers are looking for homes priced over $1 million. The trend is also partly due to the fact that in today\u2019s economic climate, affluent Americans are the ones who can afford to buy homes.<\/p>\n
\u201cWealthy people are reaping the benefits of unequal recovery from the pandemic-driven recession as they earn money from robust stock portfolios and rising real estate values,\u201d said Redfin chief economist Daryl Fairweather<\/a>. \u201cNot only can they afford to move, they also have big budgets. Unfortunately, many lower-income people, particularly those in the service industry, are struggling financially and aren\u2019t in the market for homes.\u201d<\/p>\n Luxury home sales in the U.S. soared 61%<\/a> in the three months ending November 30, the biggest jump since at least 2013 and a much bigger increase than sales of mid-priced or affordable homes.<\/p>\n In San Jose<\/a>, 48.5% of searches filtered for homes priced over $1 million in January, the highest share of the metros tracked by Redfin. It\u2019s followed by four other expensive California metros: San Francisco<\/a> (48%), Oakland<\/a> (31.8%), Anaheim<\/a> (25.1%) and Los Angeles<\/a> (24.9%). That\u2019s the highest share since at least the beginning of 2017 in all five of those metros.<\/p>\n Those areas are home to the five most expensive housing markets in the U.S. The median home-sale price is $1.4 million in San Francisco<\/a>, $1.2 million in San Jose<\/a>, $817,000 in Oakland<\/a>, $800,000 in Anaheim<\/a> and $730,000 in Los Angeles<\/a>.<\/p>\n The median home-sale price is above $500,000 in seven other metros. Six of those seven areas saw record-high shares of searches for homes over $1 million in January: Boston<\/a> (15.5%), Nassau County, NY<\/a> (9.7%), New York, NY<\/a> (12.6%), Oxnard, CA<\/a> (16.2%), San Diego, CA<\/a> (20.2%) and Seattle<\/a> (17.8%). The exception is Honolulu<\/a>, where 16.8% of searches filtered for homes priced over $1 million, the second-highest share in the last four years (the highest share was 17.9% in September).<\/p>\n \u201cWith home prices up from last year and escalating even higher with bidding wars, a lot of buyers have no choice but to up their budgets,\u201d said Seattle<\/a> Redfin agent Bliss Ong<\/a>. \u201cA home that would have cost $699,000 a year ago would be listed for $750,000 today and it may end up selling for $850,000. Expensive homes are more popular than they used to be, too. In the past, anything over $1.5 million would stay on the market for several weeks, but that\u2019s not the case anymore. Even in the $2 million range, homes are selling within the first week.\u201d<\/p>\nCalifornia Redfin.com users most likely to search for $1 million-plus homes<\/h3>\n
Million-dollar-plus home searches in January, by metro area<\/h3>\n\n
| Metro area<\/b><\/th> | Share of Redfin.com searches for homes priced over $1 million<\/b><\/th>\n<\/tr>\n<\/thead>\n\n| San Jose, CA<\/a><\/td> | 48.5%<\/td>\n<\/tr>\n | San Francisco, CA<\/a><\/td> | 48.0%<\/td>\n<\/tr>\n | Oakland, CA<\/a><\/td> | 31.8%<\/td>\n<\/tr>\n | Anaheim, CA<\/a><\/td> | 25.1%<\/td>\n<\/tr>\n | Los Angeles, CA<\/a><\/td> | 24.9%<\/td>\n<\/tr>\n | Bridgeport, CT<\/a><\/td> | 21.3%<\/td>\n<\/tr>\n | San Diego, CA<\/a><\/td> | 20.2%<\/td>\n<\/tr>\n | Seattle, WA<\/a><\/td> | 17.8%<\/td>\n<\/tr>\n | Honolulu, HI<\/a><\/td> | 16.8%<\/td>\n<\/tr>\n | Oxnard, CA<\/a><\/td> | 16.2%<\/td>\n<\/tr>\n | Boston, MA<\/a><\/td> | 15.5%<\/td>\n<\/tr>\n | New York, NY<\/a><\/td> | 12.6%<\/td>\n<\/tr>\n | Miami, FL<\/a><\/td> | 11.3%<\/td>\n<\/tr>\n | Charleston, SC<\/a><\/td> | 11.2%<\/td>\n<\/tr>\n | Newark, NJ<\/a><\/td> | 11.1%<\/td>\n<\/tr>\n | Frederick, MD<\/a><\/td> | 10.5%<\/td>\n<\/tr>\n | West Palm Beach, FL<\/a><\/td> | 10.2%<\/td>\n<\/tr>\n | Nassau County, NY<\/a><\/td> | 9.7%<\/td>\n<\/tr>\n | Salt Lake City, UT<\/a><\/td> | 9.0%<\/td>\n<\/tr>\n | Austin, TX<\/a><\/td> | 8.5%<\/td>\n<\/tr>\n | Denver, CO<\/a><\/td> | 8.2%<\/td>\n<\/tr>\n | Sacramento, CA<\/a><\/td> | 7.1%<\/td>\n<\/tr>\n | Phoenix, AZ<\/a><\/td> | 6.9%<\/td>\n<\/tr>\n | North Port, FL<\/a><\/td> | 6.2%<\/td>\n<\/tr>\n | Nashville, TN<\/a><\/td> | 6.1%<\/td>\n<\/tr>\n | Las Vegas, NV<\/a><\/td> | 5.6%<\/td>\n<\/tr>\n | New Brunswick, NJ<\/a><\/td> | 5.5%<\/td>\n<\/tr>\n | Riverside, CA<\/a><\/td> | 5.4%<\/td>\n<\/tr>\n | Fort Lauderdale, FL<\/a><\/td> | 5.1%<\/td>\n<\/tr>\n | Lake County, IL<\/a><\/td> | 5.1%<\/td>\n<\/tr>\n | Tacoma, WA<\/a><\/td> | 4.7%<\/td>\n<\/tr>\n | Chicago, IL<\/a><\/td> | 4.4%<\/td>\n<\/tr>\n | Dallas, TX<\/a><\/td> | 4.4%<\/td>\n<\/tr>\n | Portland, OR<\/a><\/td> | 4.4%<\/td>\n<\/tr>\n | Providence, RI<\/a><\/td> | 4.0%<\/td>\n<\/tr>\n | Fresno, CA<\/a><\/td> | 3.9%<\/td>\n<\/tr>\n | Fort Worth, TX<\/a><\/td> | 3.8%<\/td>\n<\/tr>\n | Tucson, AZ<\/a><\/td> | 3.7%<\/td>\n<\/tr>\n | Worcester, MA<\/a><\/td> | 3.7%<\/td>\n<\/tr>\n | Atlanta, GA<\/a><\/td> | 3.6%<\/td>\n<\/tr>\n | Orlando, FL<\/a><\/td> | 3.5%<\/td>\n<\/tr>\n | Tampa, FL<\/a><\/td> | 3.5%<\/td>\n<\/tr>\n | Houston, TX<\/a><\/td> | 3.4%<\/td>\n<\/tr>\n | Philadelphia, PA<\/a><\/td> | 3.3%<\/td>\n<\/tr>\n | Minneapolis, MN<\/a><\/td> | 3.1%<\/td>\n<\/tr>\n | Montgomery County, PA<\/a><\/td> | 2.9%<\/td>\n<\/tr>\n | Charlotte, NC<\/a><\/td> | 2.8%<\/td>\n<\/tr>\n | Kansas City, MO<\/a><\/td> | 2.8%<\/td>\n<\/tr>\n | New Haven, CT<\/a><\/td> | 2.8%<\/td>\n<\/tr>\n | Hartford, CT<\/a><\/td> | 2.7%<\/td>\n<\/tr>\n | Jacksonville, FL<\/a><\/td> | 2.6%<\/td>\n<\/tr>\n | New Orleans, LA<\/a><\/td> | 2.6%<\/td>\n<\/tr>\n | St. Louis, MO<\/a><\/td> | 2.6%<\/td>\n<\/tr>\n | Baltimore, MD<\/a><\/td> | 2.4%<\/td>\n<\/tr>\n | Indianapolis, IN<\/a><\/td> | 2.4%<\/td>\n<\/tr>\n | Raleigh, NC<\/a><\/td> | 2.3%<\/td>\n<\/tr>\n | Richmond, VA<\/a><\/td> | 2.3%<\/td>\n<\/tr>\n | Rochester, NY<\/a><\/td> | 2.3%<\/td>\n<\/tr>\n | San Antonio, TX<\/a><\/td> | 2.3%<\/td>\n<\/tr>\n | Pittsburgh, PA<\/a><\/td> | 2.2%<\/td>\n<\/tr>\n | Baton Rouge, LA<\/a><\/td> | 2.0%<\/td>\n<\/tr>\n | Tulsa, OK<\/a><\/td> | 2.0%<\/td>\n<\/tr>\n | Birmingham, AL<\/a><\/td> | 1.9%<\/td>\n<\/tr>\n | Greenville, SC<\/a><\/td> | 1.9%<\/td>\n<\/tr>\n | Omaha, NE<\/a><\/td> | 1.9%<\/td>\n<\/tr>\n | Bakersfield, CA<\/a><\/td> | 1.8%<\/td>\n<\/tr>\n | El Paso, TX<\/a><\/td> | 1.8%<\/td>\n<\/tr>\n | Cincinnati, OH<\/a><\/td> | 1.7%<\/td>\n<\/tr>\n | Louisville, KY<\/a><\/td> | 1.7%<\/td>\n<\/tr>\n | Milwaukee, WI<\/a><\/td> | 1.7%<\/td>\n<\/tr>\n | Oklahoma City, OK<\/a><\/td> | 1.7%<\/td>\n<\/tr>\n | Albany, NY<\/a><\/td> | 1.6%<\/td>\n<\/tr>\n | Columbus, OH<\/a><\/td> | 1.6%<\/td>\n<\/tr>\n | Camden, NJ<\/a><\/td> | 1.5%<\/td>\n<\/tr>\n | Virginia Beach, VA<\/a><\/td> | 1.5%<\/td>\n<\/tr>\n | Grand Rapids, MI<\/a><\/td> | 1.4%<\/td>\n<\/tr>\n | Knoxville, TN<\/a><\/td> | 1.4%<\/td>\n<\/tr>\n | Dayton, OH<\/a><\/td> | 1.3%<\/td>\n<\/tr>\n | Elgin, IL<\/a><\/td> | 1.3%<\/td>\n<\/tr>\n | Greensboro, NC<\/a><\/td> | 1.3%<\/td>\n<\/tr>\n | Detroit, MI<\/a><\/td> | 1.2%<\/td>\n<\/tr>\n | Buffalo, NY<\/a><\/td> | 0.9%<\/td>\n<\/tr>\n | Memphis, TN<\/a><\/td> | 0.9%<\/td>\n<\/tr>\n | Cleveland, OH<\/a><\/td> | 0.6%<\/td>\n<\/tr>\n | McAllen, TX<\/a><\/td> | 0.6%<\/td>\n<\/tr>\n | Allentown, PA<\/a><\/td> | 0.4%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":" | Homebuyer interest in million-dollar-plus homes reached a record high in January, reflecting the K-shaped economic recovery that\u2019s unequally benefiting affluent Americans. Nationwide, 10.8% of saved searches on Redfin.com filtered exclusively for homes priced over $1 million in January. That\u2019s up from 8.5% a year earlier and the highest share since Redfin started tracking this data […]<\/p>\n","protected":false},"author":13153,"featured_media":72037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[9],"dashboard":[],"coauthors":[124],"class_list":["post-72036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-coronavirus"],"acf":[],"yoast_head":"\n |
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