Real Estate

Million-dollar homes lose luxury status as buyers get less space

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A for-sale sign in front of a home listed for more than $1 million on April 29, 2022 in San Francisco.

Justin Sullivan | Getty Images

Grocery shoppers aren’t the only ones who have to contend with the phenomenon known as “shrinkflation,” which is what happens when the price of something stays the same or gets higher even as the item gets smaller.

Home buyers have to worry about “shrinkflation,” too. The trend is hitting homes, particularly those in the $1 million range, where the size of the homes that buyers are getting for their money is shrinking, according to new research from real estate website Zillow.

It’s one way inflation is hitting the housing market, according to Skylar Olsen,…



Source cnbc.com

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