New: Almost 1/10 of U.S. Homes are Worth $1,000,000+

For past generations, the magic summoned up by the phrase “Million-Dollar!” would be hard to exaggerate—so the idea of Costa Mesa million-dollar homes would have represented gawk-worthy artifacts of success. Even though today, “million-dollar” this and that are attached to everyday news items, last week’s announcement from Redfin’s Economic Research unit may have come as something of a surprise. The news was short and sweet:

“Nearly one in 10 U.S. homes are worth $1,000,000 or more.”

The rising proportion of million-dollar properties may be due in part to a weakening U.S. dollar, but by no means is that the whole (or most interesting) story. Some details:

• 55 of the 99 most populous metros have seen a rise in million-dollar and million-dollar+ homes.
• Of those, “in almost all,” their numbers have grown by less than one percent.
• Expensive coastal metros are losing million-dollar properties fastest (Seattle, Oakland, and Oxnard CA are the leaders in that group).
• The headline was a bit exaggerated; rather than 1 in 10, the actual percentage is “Just over 8%.”
• The new number is significantly “on the upswing” after a 12-month low in February.
• The share of 7-figure homes has doubled since pre-pandemic days when the percentage was just over 4%.
• Despite everything, California is “by far” home to the most million-dollar properties (for instance, 81.2% in San Francisco).

Less newsworthy is one major cause for the rise: a shortage of listings for high-end properties. Any local million-dollar homeowner probably won’t lose sleep over being joined by a few others. If you are among them and have been thinking of putting your home on the market, do give us a call!

We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976.  It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa  If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at info@thel3.com

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