The trend for modern farmhouses is on the rise, and the latest statistics show that the average value of a home in the United States has soared from $1.5 million in 2006 to more than $5 million today, according to a new report from the real estate brokerage CBRE.
The average price of a $1 million home in Washington, DC, for example, rose to $3.4 million in 2015 from $2.9 million in 2005, the report said.
The trend of higher-end modern farm houses is also on the uptick in Europe, where the average price is $2 million in London from $4.1 million in 2008, according the report.
The number of homes with a $5.5-million price tag is expected to hit 2 million by 2023, and there are nearly 1.5 billion people living in these houses, according CBRE’s 2016 Global Real Estate Report.
The trend is not limited to the United Sates.
In 2016, there were nearly 10 million homes with an average price under $1,000,000 in the U.K., according to the report, and in France, there are more than 6 million houses with an “average price” of under $500,000.
In Australia, the number of $5,000-plus homes hit 3.7 million in 2020, according a report by Australian Real Estate Board.
But the report did not include sales figures for the U, U.S., Canada and Germany.
In Europe, the trend is less pronounced.
The report found that the number in Europe of houses with a value of $1-million or more declined from 6.2 million to 5.3 million between 2006 and 2015.
In the United Kingdom, the average house price fell from $3 million in 2007 to $2-million in 2020.
In Italy, it fell from over $2m in 2006 and then to $1m in 2010.
The survey found that prices in France and Spain have risen by nearly 20 percent in the past two decades, while prices in Germany have increased by about 50 percent, according Berenberg Group’s Real Estate Intelligence Report.
In Spain, the study found that a house with an estimated value of more than five million euros ($5.4-million) can fetch $5-plus million.
The study also found that in Greece, the cost of living is rising faster than in the rest of Europe.
In 2016, home prices in the eurozone were estimated to have reached an average of €7.35 million, while in the EU-27 they were estimated at an average value at €8.6 million, according Deutsche Bank.
The number of households in the world with an annual income of more then $100,000 was 2.4 billion in 2020 according to CBRE, but it was estimated that more than 7.2 billion people lived in households earning less than $100.