The real estate market is overflowing with listings, with inventory jumping for the 25th straight month. There are now more than 1 million homes for sale—and at least 10% of those properties are selling for $1 million or more.
But a $1 million price tag isn’t always considered luxury. In cities such as Los Angeles, Miami, and New York, $1 million can still mean a smaller home, a fixer-upper, or something “dated.”
“Buyers in these markets are competing at price points that would be considered top-tier almost anywhere else,” says Anthony Smith, senior economist at Realtor.com®…