saw the largest jump in sales of high-end homes, up 82.4% to $2.16 million; followed by Oakland, up 71.8% to $1.4 million; Miami, up 70.4% to $565,000; San Jose, Calif., up 66% to $2 million; and Las Vegas, up 64.4%, to $433,000.
The increase in high-end sales in Florida is driven by an “influx of affluent out-of-staters,” Redfin said, while the surge in the Bay Area of northern California reflects a “recovery from the massive decline in sales” the area witnessed at the beginning of the pandemic when many residents fled big cities.
Some homebuyers may now be returning to urban hubs, including the Bay Area, as they feel more comfortable about the pandemic finally easing, Redfin added. Based on Redfin’s own estimates of home market values, “high end” homes across the country had a median sale price of $440,000 for the three months ended Apr. 30, “mid-priced” was at $280,000, and “affordable” at $189,500."So far, the economic recovery from the pandemic has disproportionately benefited Americans with bigger bank accounts," stated Redfin’s
Daryl Fairweather."This 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've been priced out of the housing market due to surging prices.
How much does a house like that go far?
good