The steady rise in the number of U.S. homes valued at $1 million or more reflects a changing market, with 6.5% of homes now in that category.
The more expensive homes represented a significant increase from pre-pandemic levels, where they constituted only 4.8% of the market, highlighting ongoing shifts.
Current market dynamics, influenced by inflation and interest rate adjustments, are pushing home price growth to decelerate, possibly benefiting buyers priced out previously.
Understanding annual salary needs is crucial for prospective buyers; factors like down payment, debt levels, and mortgage rates all play significant roles in affordability.
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