- Market for $50M+ home sales started strong in 2021
- Number of listings and sales on pace to outperform previous years
Surge in Listings and Sales Activity for Priciest Homes During 2021
In the first four months of 2021 through April, the US market for homes prices at $50M has exploded.
Increased wealth among the top 1% has been fueled by few, if any, other spending options over the past yearn due to the pandemic. Focusing and appreciating what a home can be has taken center stage.
$50M+ Home Market in 2021 Far Ahead of Previous Years
Already in the first four months of 2021, sellers nationwide had listed 30 $50M+ homes and buyers had already purchased eight of them, according to Redfin.
New listings of $50M+ homes were up monthly from 4 in February 2021 to 10 new listings in April 2021. Sales of $50M+ homes were up from zero in February 2021 to six in April 2021.
Particular hotspots for $50M+ homes during 2021 have been Los Angeles and South Florida.
According to Daryl Fairweather, Redfin’s chief economist, “Although we’ve been in a recession and a pandemic, it hasn’t really impacted the really wealthy. If you’re a really wealthy person you can’t spend your money on what you would usually. The wealthy have lots of money, but not a lot of options for spending.”
Particularly for the super wealthy, property portfolio shuffling has been a top priority, according to Fairweather. Fairweather said, “All these ultra-luxury features (tennis courts, home theaters, etc.) are even more desirable during the pandemic…” and have spurred record-breaking completion for “…more and more.”
Yearly Totals of $50M+ New Listings and Sale
For yearly comparisons of $50M+ new listings and sales, check out Redfin’s latest data on trophy homes:
Year Total New Listings Total Sales
1/ – 4/2021 30 8
2020 60 16
2019 56 14
2018 45 8
2017 38 3
2016 46 4
2015 53 4
2014 31 3
Thanks to Redfin and MansionGlobal.
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