Sep 1, 2023 - Real Estate

Philadelphia's share of million-dollar homes rises

Share of houses worth $1 million or more, by select metro area
Data: Redfin; Map: Thomas Oide/Axios

Roughly 2.5% of homes are worth at least $1 million in the Philadelphia metro area, up slightly from a year ago, per a new report from Redfin.

Why it matters: Low inventory is pushing up prices nationwide and sending more into seven-figure territory.

The big picture: Nearly one in 10 U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, the real estate brokerage found.

  • Pennsylvania's slice of million-dollar houses has risen 1.1 percentage points since pre-pandemic June 2019, data shared with Axios shows.

What they're saying: "In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now," Redfin economics research lead Chen Zhao says in the report.

Between the lines: Rising prices are a boon for millions of homeowners who have seen big gains in equity in recent years, Axios' Emily Peck reports.

Yes, but: With mortgage rates at a 20-year high, many Americans feel priced out of the housing market.

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