Why Is There No Inventory Between 750k and 1Million?

Why Is There No Inventory Between 750k and 1Million?

I’ve been asking this question for about a year now. Where is all the inventory in the 750k – 1mil range? There seems to be significant demand for this product, mostly from move up buyers, downsizing empty nesters and young families needing 3- 4 bedrooms, yard and parking, yet virtually nothing exists.  I’ve written about the homes being built that will sell in the 1.75 – 2.5  mil range and I’m hearing about others that will hit the market shortly in the 1.25 -1.35 mil range but still no love for the 750k -1 mill crowd.  Here is some data for the Center City zip codes (19102, 19103, 19106, 19107, 19146, 19147, 19130, 19123) that illustrates my point:

Under $250,000 – 346 Total Listings (homes and condos)

$251,000 – $500,000 – 565 Total Listings

$501,000 – $750,000 – 177 Total Listings

$751,000 – $1,000,000 – 64 Total Listings

Hopefully some of the real estate developers out there will read this and bring some new homes to market for Spring 2014.