Demand for Million-dollar homes soars
Unfazed by the recession, wealthy Americans are looking to upsize their homes in the pandemic, according to data from the National Association of REALTORS®. As a result, demand for million-dollar homes is climbing faster than homes at any other price point.
Sales of homes in the $750,000 to $1 million price range have increased 85.5% over the last year, while sales of homes worth $1 million or more increased 106.5%. On the other hand, sales of homes in the $250,000 to $500,000 price range increased only 36.2%, NAR said.