The share of U.S. homes that have an estimated value of $1 million or more has risen to a record high, according to a new analysis by brokerage Redfin. That is up from 7.6 percent a year ago and more than double the 4 percent recorded before the pandemic. The increase is the result of historically high home prices across the country.
My Experience
I grew up in a little Midwestern town, but my tech career took me to California. I was finally able to afford a 2,500 square-foot home, three bedrooms, two stories, virtually no land, located in Southern California. The price was $1.350 million, but in 2006 the housing market was already in trouble and the employee relocated from this home meant his company bought the house and didn’t want to sit on it.So, I paid about $900,000 for it. I put money into remodeling it and sold it for about what I originally paid in 2019 to return to Wisconsin when my mom had become ill. My kids had gone off to college, and I just never quite fit into California. My brother used to say, “You can take the boy out of the country, but you can never take the country out of the boy.” My dad was originally a farmer, and most of us were conservative by culture and nature.
