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Zillow: $1M Homes in Portland Were Red Hot in Q1
A new analysis by Seattle-based real estate website Zillow indicates that while homes valued at $1 million or more shrank in size by 500 square feet in the first quarter of 2022, Portland, OR saw the biggest national jump in high-end sales volume, with the number of $1 million-plus homes soaring 253% since mid-2019.
“Buyers with seven-figure budgets shopping for homes during the pandemic were doing so coming off the longest period of economic growth in U.S. history and with the help of historically low interest rates,” said Zillow economic analyst Anushna Prakash. “Sales for expensive homes soared while buyers in the heat of competition accepted smaller layouts.”
Shrinkflation is certainly the trend for million-dollar homes, as those residences contracted nearly 500 square feet between mid-2020 and Q1 2022, but have since bounced back a bit and are now 397 square feet smaller.
- ◦Economy
