$1 million isn’t so luxurious anymore

by Kelly McCabe

In a recent examination of homes in the United States — whether or not they were for sale — Trulia found that, while not quite literally, $1 million homes are a dime a dozen these days. Across the country’s 100 largest metros, 4.3 percent are valued at $1 million or more, which is four times as many as in 2002.

The real estate website says $5 million is the new benchmark for luxury homes in the United States.

“Five-million-dollar-plus homes now epitomize the new threshold for entry into luxury real estate,” Trulia charged. “The rate of growth of the share of these super luxury homes, while starting from a smaller base, have outpaced their million-dollar counterparts by growing nearly five times since 2012 versus 3.8 among million dollar homes.”

The average characteristics of listings of less and more than $5 million include:

  1. Homes for less than $5 million have an average price of $280,000, with three bedrooms and two bathrooms in 1,865 square feet on 0.22 acres. The average age of these homes is 31 years.
  2.  Homes for $5 million or more sell for an average price of $7.4 million for five bedrooms and six bathrooms in 5,663 square feet on 0.94 acres. The average age of these homes is 16 years.

The number of homes priced at $5 million or more in the past year surged 19.8 percent, while the number of homes priced at $1 million or more grew about 18 percent, according to Trulia. The number of $5 million-plus homes has grown fivefold since 2002, the website found, meaning the luxury bar may soon rise well above $5 million.

Where the country’s $5 million-plus are located:

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