Key Highlights
- Sales of luxury homes increased +41.6% in Q1 2021
- Sales of affordable homes increased +7%
- Sales of mid-priced homes jumped +5.9%
Redfin Defines Q1 2021 Sales Volume Increases by Price Tiers
A jus-released report from Redfin defines the jump in home sales volume during Q1 2021 by price tiers. Take a look:
- Sales of luxury homes soared to an increase of 41.6%
- Sales of expensive homes jumped +15.3%
- Sales of mid-priced homes increased +5.9%
- Sales of affordable homes increased +7%
- Sales of most-affordable homes jumped +14.7
Redfin bases its price tier evaluations upon its own estimates of market home value.
Most Populous US Metros Experienced Growth in Sales Volume of Lux Homes in Q1 2021
The 49 most populous US metros nationwide saw an increase in sales of luxury homes during Q1 2021.
The biggest gainers included:
- Miami – increase of +101.1% from one year ago
- San Jose CA – +92.3%
- Oakland CA – +82%
- Sacramento CA – +79.3%
- Las Vegas NV – +72.7%
Miami, Sacramento and Las Vegas have been consistently present on Redfin’s top migration destinations since the onset of the COVID pandemic.
According to Redfin agent Katy Polvorosa in Oakland, “Luxury properties, even those in the $3M range, are getting multiple offers and going for well over the asking prices. That’s something we haven’t seen before…”
Inventory Shortages Less Severe in Lux Markets
Even though the number of luxury homes for sale dropped -5.1% y/y during Q1 2021, new listings of lux homes increased +15.8% y/y.
All other price tiers saw steeper inventory declines during Q1 2021. The supply of affordable homes for sale dropped -14.9% and the supply of mid-priced homes slumped even more at -19.8%.
According to Redfin Chief Economist Daryl Fairweather, “With the huge shortage of affordable homes for sale, many non-luxury homeowners are hesitant to put their properties on the market because they’re worried they’ll have trouble finding their next house. This isn’t as big of an issue for luxury homeowners since there’s a relative abundance of high-end homes to choose from.”
Thanks to Redfin and PR Newswire.
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