Online home valuation tools like Zillow, Redfin, and Chase often provide wildly different estimates for the same property, leaving buyers and sellers in a state of confusion. This article explores the reasons behind these discrepancies and advises against relying solely on these tools for accurate home valuations.
The median price of luxury homes in the United States surged by 9% year-over-year to a record $1.225 million in the first quarter of 2024, according to Redfin. This growth outpaced the 4.6% increase in non-luxury homes, which reached a median price of $345,000 during the same period. The report highlights the resilience of the luxury housing market driven by affluent buyers who are less impacted by high mortgage rates.
