Mark Worley

United States

Data Journalist at Redfin

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redfin.com

Articles

Luxury Pending Home Sales Fall 10% to Lowest April Level in Over a Decade

1 week ago | redfin.com | Mark Worley

The typical U.S. luxury home sold for $1,348,065 in April, up 6.5% from a year earlier, but down slightly from the record high set in March. Economic uncertainty is pushing high-end buyers to the sidelines, with pending sales of luxury homes down 9.9% year over year. That is the largest annual decline since August 2023 and the lowest level for any April since 2014. The typical luxury home sold in 52 days in April, virtually unchanged from 51 days a year ago.
U.S. Home Prices Tick Down 0.1% in April

2 weeks ago | redfin.com | Mark Worley

U.S. home prices in April nudged down 0.1%, the first month-over-month decline since September 2022. Home prices rose 4.1% year over year—the smallest increase since July 2023. Half of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Charlotte (-1%). U.S. home prices ticked down 0.1% in April on a seasonally adjusted basis, the first month-over-month decline since September 2022.
The Homes Americans are Buying are Older Than Ever

3 weeks ago | redfin.com | Mark Worley |Sheharyar Bokhari

The typical home bought in the U.S. hit a record age of 36 years in 2024—up from 27 years in 2012. Buyers pay less for older homes (over 30 years old) than for newer homes (under five years old), but the gap is shrinking. The typical home bought in Buffalo, NY in 2024 was 69 years old—the oldest among the 100 most populous metros—while the median home sold in Provo, UT was the youngest at six years old.
Permits to Build U.S. Apartments Drop Below Pre-Pandemic Levels

1 month ago | redfin.com | Mark Worley |Sheharyar Bokhari

Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the U.S. over the past year—down 27.1% from the pandemic building boom and down 5.5% from before the pandemic. Austin, TX is issuing more multifamily permits than any other metro Redfin analyzed, while Stockton, CA is issuing the least. Nearly two thirds (63%) of major metros are issuing fewer permits than they were during the pandemic.
New York and the Midwest Dominate Redfin’s Hottest Neighborhoods of 2025

2 months ago | redfin.com | Mark Worley |Asad KHan |Asad Khan |Daryl Fairweather

Brooklyn’s Prospect Heights and Clinton Hill top Redfin’s 2025 list of hot neighborhoods, after posting a 105% spike in home sales from a year ago. Five of the 10 hottest neighborhoods are located on the outskirts of Midwestern metros, with buyers seeking affordability and an easy commute. A neighborhood in the heart of San Francisco and a commuter suburb just outside Washington, D.C. also made the top 10. Five of Redfin’s 10 hottest neighborhoods of 2025 are in Midwest suburbs.
America’s Wealthiest 1% Could Buy 99% of America’s Homes

2 months ago | redfin.com | Mark Worley

The combined net worth of America’s wealthiest 1% has grown to a record $49.2 trillion, almost the same as the combined value of all the homes in the U.S.Real estate makes up 12.3% of the net worth of the top 1%, compared to 46.4% of the net worth of the bottom 50%. The top 1% owns a disproportionate 13.4% of real estate assets in the U.S.The combined net worth of the wealthiest 0.1% has grown by $4.4 trillion in the past two years—more than the combined net worth of the bottom 50%.
D.C. Rents Up 2.7% in February Following 3 Months of Declines

Mar 4, 2025 | redfin.com | Mark Worley |Sheharyar Bokhari

Rents have been falling most of the past year thanks to an increase in new construction, but permits for new apartment buildings are slowing. It’s too early to assess the impact of federal government layoffs on the D.C. housing market, but rents could fall more if significant numbers of workers move away.
U.S. Housing Market Gained $2.5 Trillion in Value in 2024

Feb 20, 2025 | redfin.com | Mark Worley |Chen Zhao

The combined value of U.S. homes climbed to $49.7 trillion in 2024. The total value of homes owned by millennials grew to nearly $10 trillion, representing more than 20% of the U.S. market. Two upstate New York metros—Albany and Rochester—had the fastest growth in aggregate home value, while Florida metros grew more slowly. San Diego and Seattle look set to join eight other metros with homes worth $1 trillion in 2025.
It's a Buyer's Market. For Many Homebuyers, It Doesn't Feel Like It

Feb 19, 2025 | redfin.com | Mark Worley |Chen Zhao

There were 3.7 months of for-sale supply on the market in January, the most in six years. An increase in supply and drop in homebuying demand has tilted the national market in favor of buyers, with listings starting to pile up in many areas across the country. Florida metros top the list of buyer’s markets, led by Cape Coral and Miami. Two upstate New York metros—Rochester and Buffalo—top the list of markets which still favor sellers.
U.S. Home Prices Grew 0.6% in January

Feb 18, 2025 | redfin.com | Mark Worley |Sheharyar Bokhari

Home prices grew 0.6% month over month in January, equal to the quickest pace since November 2023. On a year-over-year basis, home prices rose 5.4%—the slowest pace since August 2023. Ten of the 50 most populous U.S. metros recorded a drop in home prices month over month, led by Tampa (-1.6%). U.S. home prices rose 0.6% from a month earlier in January on a seasonally adjusted basis, a tick faster than the 0.5% growth experienced each of the three months prior.