If you’re noticing a growing number of $1,000,000 homes lingering on the market—especially in places like Winter Park and other high-end areas—you’re not alone. There are several key reasons why this price point is facing longer listing times compared to ultra-luxury or entry-level homes.
1. Increased Buyer Expectations at $1M+
A $1M home used to be considered ultra-luxury in many markets, but today, it’s often just the entry point into desirable areas. With more options available at this price level, buyers have higher standards than ever.
Luxury Features Lacking – Many $1M homes today were built years ago and lack the modern finishes, smart home tech, and premium amenities buyers now expect.
Buyers Want Turnkey – Buyers in this range often prefer a home that is move-in ready with minimal upgrades needed.
Competition from New Construction – New luxury construction in the area offers high-end features and more sophisticated layouts, making existing homes at the same price point feel outdated.
2. Interest Rates Are Freezing the “Move-Up” Buyer
Many buyers who would be moving up to the $1M price point are hesitant due to higher mortgage rates.
Existing homeowners are locked in at 3% mortgage rates and don’t want to trade up for a 7%+ mortgage. This is causing a slowdown in move-up buyers who would typically be selling a home in the $600K–$900K range and stepping into the $1M+ tier.
Cash buyers are prioritizing higher-end homes ($2M+), leaving a smaller buyer pool for homes in the $1M range.
3. Oversupply in the $1M Range
An influx of listings in the $900K–$1.5M range has led to an oversupply. When too many similar homes hit the market at once, supply outweighs demand, causing longer days on market.
Sellers overpricing their homes in the beginning have had to make price cuts, further cooling demand.
Luxury buyers have more choices—if there are 10 homes in the same price range, they will wait for the best deal.
4. Economic Uncertainty Is Causing Buyer Hesitation
The high-end housing market is often influenced by broader economic conditions.
Stock market fluctuations impact high-net-worth buyers who rely on investments to fund real estate purchases.
Job market concerns can make people hesitant to commit to a $1M+ home, even if they qualify financially.
5. Luxury Buyers Are Looking for Value
A $1M home doesn’t go as far as it used to, and buyers at this price point are scrutinizing value more than ever.
✅ Desirable locations and premium features are still selling quickly.
❌ Overpriced or outdated homes are sitting much longer.
What Can Sellers Do to Sell Their $1M Home Faster?
If your home is sitting at the $1M price point, consider these strategies:
Price it competitively – Homes that price aggressively at market value (rather than slightly above) are moving faster.
Make key upgrades – Modern kitchens, bathrooms, and smart home features can make a big difference Ensure your home is clean – Your home doesn’t need to be fully move-in ready, but it must be well-maintained, clean, and free of obvious issues. While buyers may be open to making cosmetic updates, they won’t overlook dirty carpets, scuffed walls, or neglected repairs. A home that feels outdated is one thing—a home that feels uncared for is another.
Market effectively – Use high-end photography, drone footage, and virtual tours to stand out.
Consider incentives – Offering a rate buy-down or closing cost assistance can help attract hesitant buyers.
Stage your home – A professionally staged home sells faster and for more money.
Final Thoughts
The $1M home market is in a transition phase, and buyers at this level are being more selective than ever. If you’re selling, adjusting pricing and presentation to match current buyer expectations can make all the difference.
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