Before home prices skyrocketed during the pandemic, the share of million-dollar listings generally ranged somewhere between seven and nine percent. By May 2023, though, it almost doubled. In the spring of that year, the share of million-dollar listings hit a peak of 15.4 percent. But now, according to new numbers, luxury housing markets are in a period of adjustment and the share of million-dollar listings – while still high – is falling. In fact, it’s down to 13.8 percent, according to data from the National Association of Realtors’ consumer website. Anthony Smith, senior economist at the website, says the post-pandemic luxury market is evolving. “The pandemic didn’t create the same luxury market everywhere, and the correction hasn’t played out the same everywhere either,” Smith said. “Two markets have surpassed their pandemic peaks entirely. Five have fallen below where they started before COVID arrived. The ones still holding their gains have something the others don’t: real reasons for buyers to be there that have nothing to do with low mortgage rates and remote work.” (source)
