Lauren Bunting Associate Broker MD & DE

The New Million Dollar Home Club

Thursday, September 08, 2022, Lauren Bunting

A recent Zillow report is showing that with sales up and values up during the pandemic real estate boom, more homes are selling for over the $1 million mark. The report also detailed that the typical million-dollar home looks a lot different than it did heading into the pandemic. 

Zillow’s report stated: “Single-family homes in the million-dollar range that sold in the second quarter of 2022 are noticeably different from homes that sold in the same price range in the years preceding the COVID-19 pandemic. Today’s million-dollar homes have undergone shrinkflation, possessing a much smaller footprint than the million-dollar homes of 2019. They also have fewer bathrooms and are older overall.

A few highlights of the report are: 

• Compared to before the pandemic, the typical $1 million home today is smaller, older and has fewer bathrooms in many markets.
• The number of homes that sold for at least $1 million this spring more than doubled compared to before the pandemic.
• The typical million-dollar home has shrunk in size across nearly all major metropolitan areas, and it shrank the most in Phoenix and Nashville.

The report raised the question—if overall home sales have fallen, why haven’t home sales fallen in the $1 million or more range? Zillow’s answer is: “First, higher home prices naturally means more homes, regardless of size, were pushed into the $1 million club. Second, those with means to buy a home for more than $1 million may be less sensitive to rising prices.

Locally in Worcester County, homes surpassing the $1 million mark represent a little more then 12% of current residential inventory. For some comparison of how the $1 million+ home market is growing here is year-over-year breakdown for Worcester County: 2019=16 homes sold; 2020=30 homes sold; 2021=84 homes sold; and, year-to-date for 2022=52 homes sold surpassing the $1 million mark. 

 

 

Lauren Bunting is the Broker of Record for Keller Williams Realty of Delmarva in Ocean City, Maryland.

Lauren Bunting is an Associate Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

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