There are actually practically twice as many $1m houses within the US than earlier than pandemic

The Painted Girls of San Francisco, California (Getty Photos/iStockphoto)

There are actually practically twice as many $1m houses in the US than earlier than the Covid-19 pandemic.

A file 8.2 per cent of US houses had been value not less than seven figures in February, a rise from 4.8 per cent two years earlier, in accordance with actual property firm Redfin.

San Francisco had essentially the most million-dollar houses general, whereas Anaheim in Orange County noticed the most important leap in houses value not less than $1m, practically doubling to 55.3 per cent.

The Golden State accounted for seven of the highest 10 cities with the biggest share of million-dollar houses, with Honolulu, Seattle and New York finishing it.

Redfin says that the Anaheim costs had been pushed by a housing scarcity within the metropolis, with the variety of homes on the market dropping 42.5 per cent yr over yr in January.

“Home hunters in Anaheim are usually competing with dozens of different individuals,” stated Redfin agent Linda Tessitore.

“Low mortgage charges and an absence of stock are the principle components driving the surge in bidding wars and costs.”

San Francisco had the very best charge of million-dollar houses at 88.7 per cent, adopted by San Jose at 85.9 per cent and Anaheim, acknowledged Redfin.

Cities with the bottom variety of houses value greater than $1m embody Elgin, Illinois, at 0.1 per cent of the whole.

In the meantime, El Paso, Texas and Columbia, South Carolina had 0.2 per cent of houses within the million-dollar bracket.

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