If you need assistance, please call 302-604-4746

Sales of Million-Dollar Homes Double in a Year

Tuesday, October 27, 2020   /   by Frank Hornstein

Sales of Million-Dollar Homes Double in a Year




Sales of Million-Dollar Homes Double in a Year









October 26, 2020











Home sales are rapidly increasing during the pandemic, but the most dramatic spike is occurring at the top of the market. Sales of homes costing $1 million or more have more than doubled since last year. “I don’t ever recall home sales doubling in a 12-month time span,” Lawrence Yun, chief economist for the National Association of REALTORS®, told NPR. This is “very unusual.”


Home sales in luxury vacation hotspots have accelerated since July—up 34% year over year in September, NAR reports. “The uncertainty about when the pandemic will end, coupled with the ability to work from home, appears to have boosted sales in summer resort regions, including Lake Tahoe, the Mid-Atlantic beaches, and the Jersey Shore areas,” Yun said last week in reporting the latest existing-home sales.


Housing analysts say the real estate market is revealing a tale of two markets: the haves and have-nots. For those still holding onto their jobs in the pandemic, they may have never felt richer. On the other hand, those who may have lost their jobs are struggling to make rent or mortgage payments.


As the pandemic causes work and school to merge under one roof, those feeling financially secure are more compelled to look for a home with greater square footage. Mortgage rates are at record lows, which could make trading up more cost-effective.


Home prices are climbing across the board as buyer demand remains high and inventories low. Sales for homes priced $250,000 to $500,000 increased 36% last month, NAR reports. The median home price in September reached a record high of $312,000—up 14.8% from a year ago.










Source: 














Iron Valley Real Estate | Frank Hornstein Group
Frank Hornstein
17527 Nassau Commons Boulevard
Rehoboth Beach, DE 19971
302-604-4746
Cell: 302-604-4746
Office: 302-541-8787

The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Iron Valley Real Estate | Frank Hornstein Group participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. © 2021 BRIGHT, All Rights Reserved Information Deemed Reliable But Not Guaranteed. Data last updated: September 19, 2021 3 AM.
This site powered by CINC: www.cincpro.com