> This is largely drive by the new construction of these high end homes fueled by low interest rates.
I doubt it.
How many such modest houses in your modest neighborhood are available now? How much has the housing supply in your town grown, and how much has the population grown? Are all these buyers actually making a direct choice between these two kinds of houses, or is only one of those choices actually available to buy?
>How many such modest houses in your modest neighborhood are available now?
In my zipcode +/- 10% of my home value... 30 or so....
>How much has the housing supply in your town grown, and how much has the population grown?
No idea on supply... We average about 1% population growth per year. Slight decrease during the pandemic, slight increase in the last couple of years.
In the same zip code there are 18 New Construction properties for sale, all 2 - 3x my home price. Which would not include the homes being built for buyers under contract.
I doubt it.
How many such modest houses in your modest neighborhood are available now? How much has the housing supply in your town grown, and how much has the population grown? Are all these buyers actually making a direct choice between these two kinds of houses, or is only one of those choices actually available to buy?