US Trophy Home Market Off to Banner Year

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Key Highlights

  • 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

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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