Years ago, a $1 million home used to be known as a luxury status symbol, but today it could be just another random home on a cul-de-sac.
According to Realtor.com, the new norm for entry-level luxury home prices has jumped to $1.3 million—more than 60 percent higher than in July 2016, when a $769,922 price tag was considered luxury living. Now, million-dollar homes comprise 13 percent of America’s listings, and buying into that top 10 percent means spending an additional $300,000.
“While a million-dollar home still represents an important benchmark, it’s not the luxury marker that it once was nationwide and in many markets,” Danielle Hale, chief economist at Realtor.com, said in the website’s Sept. 30 report….