America’s Top 10 Real Estate News

America’s Most Affordable Big City 
According to a recent financial company analysis, Cleveland, Ohio is the most affordable of the country’s largest cities, with a yearly income of only $60,000 required for homeowners to live a comfortable lifestyle. The least affordable is Irvine, California, where an annual income of $326,645 is needed for homeowners to live comfortably.

U.S. Homes Inventory Hits the One-Million Mark 
For the first time since the winter of 2019, the number of U.S. homes for sale hit the one million mark. And 19% of the homes for sale had price reductions - the highest number since at least 2016.

America’s Wealthiest City
According to a recent analysis by two investment firms, New York City is the richest city in the world with 66 billionaires and 384,500 millionaires. The San Francisco-Bay Area came in a close second with 342,400 millionaires and 82 billionaires – more billionaires than New York. Tokyo came in third, Los Angeles in fifth and Chicago at #10.

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Millionaire Renters Flocking To Miami
More people are choosing to rent rather than buy a home or condominium in Miami, Florida. While the number of rental millionaires has surged in Naples, Tampa and Orlando, the rental trend has become especially common in the Miami area, where the number of millionaire renter households has increased 325% since 2019.

U.S. Home Prices Still Going Up
Despite predictions of a drop in U.S. home prices, home prices rose 4.0% between the first quarter of 2024 and the first quarter of 2025. Prices rose in 89 of the 100 largest metropolitan areas with Newark, New Jersey at the top with an 11.6% price increase.

Billy Joel Sells Gatehouse For $7 million 
Not your ordinary gatehouse, Billy Joel has sold the gatehouse at his Long Island property for $7 million. Although Joel referred to the property as his gatehouse, it is actually two homes, the original gatehouse and a carriage house, which Billy combined the two into one 5,565-square-foot home with two kitchens and the large beachfront property. The main house on the property is a 20,000-square-foot beauty, which is still listed for sale at $39.9 million.

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NYC’s First Concrete Building 
The first New York building made of concrete is for sale at $2.995 million. Built in the 1870s as a showroom for a construction company, the building’s exterior has been restored to its historic white-washed concrete, but the interior needs extensive repairs. Currently owned by Whole Foods, it has previously been on the market at asking prices as high as $6.5 million.

Honolulu Sale Sets New State Record 
The recent sale for $65.75 million for an oceanfront estate in Honolulu is the biggest dollar sale in Hawaii history. The property includes three homes, which are connected by breezeways for a total of almost 12,000 square feet.

Best Main Street In America
In a recent USA Today contest to choose the best Main Street in the country, Bethlehem, Pennsylvania, was the winner. The choice was based on the former steel town’s walkability, a wide selection of restaurants and bars, and a chocolate trail that runs through the town to Main Street. Bethlehem Steel was the second-largest steel producer in the United States but went out of business in 2003. Emporia, Kansas, and Ogden, Utah, were runners-up.

More U.S. Homes But Few Affordable Ones
More homes are coming up for sale on the U.S. market, many a result of increased construction after the covid home-buying surge. A few states, including Texas and Florida, actually have more home inventory than before the pandemic. However, most of the homes are not affordable for most Americans.

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