Wealthy Americans Face Catastrophic Shortage Of Mansions

As the housing market heats up, there’s one population that is truly suffering: rich people. As houses don’t stay on the market for long, houses priced at $1 million or more are in short supply.

Fancy-house inventory is down 15% in the ninety wealthiest ZIP codes in the country. In the very richest areas, high-end homes stay on the market for only a few days. Normally a small inventory of houses could mean lower sales since buyers have fewer options to choose from, but in the high end of the housing market, that isn’t really an issue.

Technology money and second-home buyers are depleting the mansion supply in California’s Bay Area. Houses in Carmel are selling for record prices. Yep, even higher than during the housing bubble of the ’00s.

Mansion Shortage Could Slow Sales in Rich Towns [CNBC]