{"id":72648,"date":"2021-06-02T03:30:39","date_gmt":"2021-06-02T10:30:39","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=72648"},"modified":"2021-06-02T05:33:47","modified_gmt":"2021-06-02T12:33:47","slug":"real-estate-price-tier-report-april-2021","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-estate-price-tier-report-april-2021\/","title":{"rendered":"High-End Home Sales Surge Nearly Twice as Fast as Sales of Mid-Priced Homes"},"content":{"rendered":"<ul>\n<li aria-level=\"1\"><strong><i>Purchases of high-end homes jumped 26% in the three months ending April 30, versus a 15% increase for mid-priced homes. High-end sales rose the most in expensive metros including <a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\">San Jose<\/a>.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><strong><i>Prices of high-end homes also saw a relatively big climb, up 14%, versus a 10% rise for affordable homes. The biggest gains were in popular migration destinations including <a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\">Austin<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a>.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><strong><i>Homes in every price tier are selling in less than 4 weeks\u2014significantly faster than a year ago.<\/i><\/strong><\/li>\n<\/ul>\n<p>Purchases of high-end homes in the U.S. jumped 26% year over year during the three months ending April 30, outpacing the 17.8% gain in purchases of affordable homes and the 14.8% increase in purchases of mid-priced homes.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-72649\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Homes-Sold.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Homes-Sold.png 1800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Homes-Sold-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Homes-Sold-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Homes-Sold-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Homes-Sold-1536x1024.png 1536w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>This is according to a Redfin analysis that divides U.S. residential properties into three equal-sized buckets\u2014high-end, mid-priced and affordable\u2014based on <a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\">Redfin Estimates<\/a> of the homes\u2019 market values. Scroll down to the methodology section at the bottom of this report to read more about how we determine which homes are in each bucket. It\u2019s important to note that year-over-year changes in this report may be somewhat exaggerated because pandemic stay-at-home orders halted homebuying and selling around this time last year.<\/p>\n<p>Purchases of high-end homes have soared as wealthy Americans have reaped the benefits of a strong stock market, <a href=\"https:\/\/www.theatlantic.com\/family\/archive\/2020\/09\/saving-money-pandemic\/615949\/\" target=\"_blank\" rel=\"noopener\">swelling savings accounts<\/a> and remote work. A relative abundance of high-end homes hitting the market has also enabled purchases in that segment of the market to flourish.<\/p>\n<p>\u201cSo far, the economic recovery from the pandemic has disproportionately <a href=\"https:\/\/www.cnbc.com\/2021\/05\/04\/the-covid-recovery-still-has-a-k-shape.html\" target=\"_blank\" rel=\"noopener\">benefited<\/a> Americans with bigger bank accounts,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\" target=\"_blank\" rel=\"noopener\">Daryl Fairweather<\/a>. \u201cThis means a lot of the demand for homes is coming from folks who are well-off, while many lower-income Americans sit on the sidelines because they\u2019ve been priced out of the housing market due to <a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-home-prices-surge-24-pct\/\" target=\"_blank\" rel=\"noopener\">surging<\/a> prices.\u201d<\/p>\n<h3>U.S. Housing Market Summary, Three Months Ending April 30, 2021<\/h3>\n\n<table id=\"tablepress-266\" class=\"tablepress tablepress-id-266\">\n<thead>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><th class=\"column-2\"><b>High-End<\/b><\/th><th class=\"column-3\"><b>Mid-Priced<\/b><\/th><th class=\"column-4\"><b>Affordable<\/b><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Homes sold, YoY change<\/b><\/td><td class=\"column-2\">26%<\/td><td class=\"column-3\">14.8%<\/td><td class=\"column-4\">17.8%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><b>Median sale price, YoY change<\/b><\/td><td class=\"column-2\">14.3%<\/td><td class=\"column-3\">12.4%<\/td><td class=\"column-4\">10.2%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><b>Median sale price<\/b><\/td><td class=\"column-2\">$440,000<\/td><td class=\"column-3\">$280,000<\/td><td class=\"column-4\">$189,500<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><b>Median days on market<\/b><\/td><td class=\"column-2\">26 (-23 days YoY)<\/td><td class=\"column-3\">20 (-18 days YoY)<\/td><td class=\"column-4\">24 (-12 days YoY)<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><b>New listings, YoY change<\/b><\/td><td class=\"column-2\">19.3%<\/td><td class=\"column-3\">9.1%<\/td><td class=\"column-4\">13.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-266 from cache -->\n<p>The surge in purchases of expensive properties was led by <a href=\"https:\/\/www.redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a>, which saw an 82.4% jump in high-end home sales during the three months ending April 30\u2014the biggest gain among the 50 most populous U.S. metropolitan areas. Next came <a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\">Oakland, CA<\/a> (+71.8%), <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\">Miami<\/a> (+70.4%), <a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\">San Jose, CA<\/a> (+66%) and <a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\">Las Vegas<\/a> (+64.4%)<\/p>\n<p>\u201cGrowth in high-end-home sales is currently skewed toward some of the most expensive markets in the country\u2014like the Bay Area and parts of Florida\u2014which is fueling an uptick in high-end home <i>prices<\/i>,\u201d Fairweather said. \u201cThe high-end sales growth in Florida is being fueled by an <a href=\"https:\/\/www.redfin.com\/news\/west-palm-beach-miami-pandemic-real-estate\/\" target=\"_blank\" rel=\"noopener\">influx<\/a> of affluent out-of-staters, while the gain in the Bay Area is more of a recovery from the massive <a href=\"https:\/\/www.mercurynews.com\/2020\/07\/10\/bay-area-home-sales-plummet-during-coronavirus-but-prices-rise\/#:~:text=Bay%20Area%20home%20sales%20plummeted,fears%20chilled%20buyers%20and%20sellers.&amp;text=Median%20prices%20for%20single%20family,in%20May%2C%20according%20to%20Zillow.\" target=\"_blank\" rel=\"noopener\">decline<\/a> in sales the region experienced at the start of the pandemic when scores of Americans left big cities. Folks may be starting to feel more comfortable putting down roots in major hubs now that they\u2019re gaining clarity on post-pandemic life.<i>\u201d<\/i><\/p>\n<h3>Prices of High-End Homes Are Growing Faster Than Prices of Affordable and Mid-Priced Homes<\/h3>\n<p>Prices of high-end homes in the U.S. rose a record 14.3% year over year during the three months ending April 30. By comparison, prices of mid-priced homes climbed a record 12.4% and prices of affordable homes increased 10.2%. When we discuss \u201crecord\u201d changes, we are referring to Redfin\u2019s records, which date back to 2013.<\/p>\n<p>\u201cAs the economic recovery starts to touch more middle-class Americans, we expect to see price growth accelerate for affordable and mid-priced homes,\u201d Fairweather said.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-72650\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Sale-Price.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Sale-Price.png 1800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Sale-Price-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Sale-Price-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Sale-Price-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Sale-Price-1536x1024.png 1536w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p>High-end home prices rose in all of the 50 most populous U.S. metropolitan areas. <a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\">Austin, TX<\/a> led the way with a 24.1% jump, followed by <a href=\"https:\/\/www.redfin.com\/city\/16904\/CA\/San-Diego\">San Diego, CA<\/a> (+18%), <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\">Miami<\/a> (+17.7%), <a href=\"https:\/\/www.redfin.com\/city\/19373\/FL\/West-Palm-Beach\">West Palm Beach, FL<\/a> (17.6%) and <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a> (+17.2%).<\/p>\n<p>Many of the metros at the top of this list are popular destinations for people who have left big cities in search of relative affordability, space and\/or sunshine during the pandemic. <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a> was the <a href=\"https:\/\/www.redfin.com\/news\/april-2021-housing-migration-trends\/\" target=\"_blank\" rel=\"noopener\">number-one<\/a> destination for Redfin.com users looking to move to a different area in April, with <a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\">Austin<\/a> and <a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\">Miami<\/a> not far behind. That\u2019s based on net inflow\u2014a measure of how many more Redfin.com home searchers looked to move into a metro than leave.<\/p>\n<p>\u201cIn the high-end market, we\u2019re not only seeing multiple offers\u2014we\u2019re seeing buyers waiving appraisal and inspection contingencies, which doesn\u2019t normally happen,\u201d said <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/vincent-shook\" target=\"_blank\" rel=\"noopener\">Vincent Shook<\/a>, a Redfin real estate agent in <a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\">Phoenix<\/a>. \u201cThe biggest driver is the influx of people from California. Still, competition remains toughest for buyers of affordable and mid-priced homes.\u201d<\/p>\n<p>Shook continued: \u201cSome buyers with more modest budgets are coming to me and saying, &#8216;I want a four-bedroom home and here\u2019s my maximum price.\u2019 I\u2019ve had conversations where I\u2019ve had to be brutally honest and tell them that home literally does not exist anymore. It existed eight months ago when they started looking, but they wanted to wait in hopes that prices would come down. Prices didn\u2019t come down, and now they\u2019re priced out of the market.\u201d<\/p>\n<h3>The Number of High-End Homes Hitting the Market is on the Rise<\/h3>\n<p>Listings of high-end homes rose 19.3% year over year during the three months ending April 30\u2014outpacing a 13.9% gain in affordable listings and a 9.1% increase in mid-priced listings.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-72651\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/New-Listings.png\" alt=\"\" width=\"800\" height=\"533\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/New-Listings.png 1800w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/New-Listings-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/New-Listings-1024x683.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/New-Listings-768x512.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/New-Listings-1536x1024.png 1536w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<h3>Homes of Every Price Are Flying Off the Shelves<\/h3>\n<p>The typical high-end home that was for sale during the three months ending April 30 spent 26 days on the market\u201423 fewer days than the same period in 2020. Affordable homes spent 24 days on the market (12 fewer days than a year earlier) and mid-priced homes spent 20 days on the market (18 fewer days than a year earlier).<\/p>\n<p>While high-end homes still take the longest to sell, the gap has nearly closed, as seen in the chart below. The typical high-end home took just two more days to sell than the typical affordable home during the three months ending April 30, compared with 13 days longer during the same period a year earlier.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-72653\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Median-Days-on-Market-1.png\" alt=\"\" width=\"900\" height=\"600\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Median-Days-on-Market-1.png 900w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Median-Days-on-Market-1-300x200.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2021\/05\/Median-Days-on-Market-1-768x512.png 768w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>&#8220;High-end homes are flying off the market because the pandemic has fueled an uptick in demand for high-end amenities,\u201d Fairweather said. \u201cPeople are snapping up properties with home offices, big backyards and more square footage.\u201d<\/p>\n<h3>Summary of Housing Market by Metro Area (50 Most Populous): Three Months Ending April 30, 2021<\/h3>\n<div id=\"viz1622589555096\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='#'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Ho&#47;HousingMarketPriceTiersSummaryTableApril2021&#47;DataTable&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"HousingMarketPriceTiersSummaryTableApril2021\/DataTable\" \/><param name=\"tabs\" value=\"no\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Ho\/HousingMarketPriceTiersSummaryTableApril2021\/DataTable\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1622589555096');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='800px';vizElement.style.height='1027px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='800px';vizElement.style.height='1027px';} else { vizElement.style.width='100%';vizElement.style.height='727px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Methodology<\/h3>\n<p>We divided U.S. residential properties into three buckets based on <a href=\"https:\/\/www.redfin.com\/redfin-estimate\" target=\"_blank\" rel=\"noopener\">Redfin Estimates<\/a> of the homes\u2019 market values as of May 25, 2021. The \u201caffordable\u201d bucket contains homes that rank in the 5th-35th percentile in market value, the \u201cmid-priced\u201d bucket contains homes in the 35th-65th percentile, and the \u201chigh-end\u201d bucket contains homes estimated in the 65th-95th. This analysis excludes homes in the bottom 5% and top 5% of the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchases of high-end homes jumped 26% in the three months ending April 30, versus a 15% increase for mid-priced homes. High-end sales rose the most in expensive metros including San Francisco and San Jose. Prices of high-end homes also saw a relatively big climb, up 14%, versus a 10% rise for affordable homes. The biggest [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":72654,"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 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60,8,24],"tags":[9,20,18],"coauthors":[125],"class_list":["post-72648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-housing-market-news","category-housing-market-news","category-luxury-market","tag-coronavirus","tag-housing-affordability","tag-luxury-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>High-End Home Sales Surge Nearly Twice as Fast as Sales of Mid-Priced Homes<\/title>\n<meta name=\"description\" content=\"Purchases of high-end homes are up 26%, versus a 15% gain in purchases of mid-priced homes, as the economic recovery benefits America&#039;s wealthy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/real-estate-price-tier-report-april-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High-End Home Sales Surge Nearly Twice as Fast as Sales of Mid-Priced Homes\" \/>\n<meta property=\"og:description\" content=\"Purchases of high-end homes are up 26%, versus a 15% gain in purchases of mid-priced homes, as the economic recovery benefits America&#039;s wealthy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/real-estate-price-tier-report-april-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" 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