Taylor Marr

6 Million US Homes Are Worth $1M Or More

Posted on by TMN Editor
U.S. home prices have broken another record: 8% of homes (6 million) are now worth $1 million or more, according to a new report from Redfin. That is nearly double the share from before the pandemic when the share was only 4.8% (3.5 million). The Bay Area has the biggest share of million-dollar homes, with nearly nine out of 10 properties in San Francisco and San Jose making the list. This isn’t surprising given its long history of being the most expensive place to buy a home in the U.S. Anaheim, CA, saw the biggest increase, with its share of million-dollar homes jumping to 55% from 27% two years ago. California dominated the top five, following up with Oakland (55.1%),…

Second Home Demand Reaches Highest Levels In a Year

Posted on by TMN Editor
In January, second-home demand was up 87% from before the pandemic, the highest levels in a year and almost up to September 2020’s record 90% gain, Redfin reported. Second-home demand outpaced primary residence demand, which was up 42% from pre-pandemic levels. “Demand for second homes was strong in January as buyers tried to lock in relatively low mortgage payments,” said Redfin Deputy Chief Economist Taylor Marr.  “Mortgage rates surpassed 3.5% in January for the first time since March 2020, encouraging buyers who were on the fence about purchasing a vacation home to commit before rates increase further. While I expect demand for second homes to remain higher than it was before the pandemic, mostly because of remote work, it may…