-- LAKE PLACID, N.Y. - October 6, 2026 - Million-dollar home sales in the Adirondacks are on track for their strongest year on record, and most of those buyers are skipping the mortgage entirely. Multiple listing service data covering the Tri-Lakes area shows 55 sales above $1 million from January through September 2026, a 28% increase over the same period in 2025.
Cash has become the defining feature of that segment. So far this year, 84% of buyers purchasing above $1 million paid cash, compared with about 56% in 2020 and 2021, according to the MLS figures.
"Buyers at this level want a destination. They want the fresh air, the water and the mountains instead of the pace of the city," said Chase Jermano, the broker of Tina Leonard Real Estate. "What has really changed since 2020 is how they pay. Most are coming in with equity from a home they've sold, and they don't want to take on today's interest rates, so they're paying cash."
The buyer pool at the top has also widened. Second home purchases remain a large share of activity, but Jermano said he is also seeing whole families relocating full time and athletes moving to train on the region's endurance race courses.
The strength above $1 million stands in contrast to the tier just below it. Homes listed between $750,000 and $1 million are sitting noticeably longer than the price bands on either side. There are now as many homes for sale in that range as sold in the past 12 months, roughly 11 months of supply, and nearly half of those listings have already taken a price cut.
"This is the price range where buyers expect a move-in ready house, and a lot of what's sitting has deferred maintenance," Jermano said. "At that price they're thinking turnkey, then they see the house and it says work. Those homes need one of two things: fix the condition or price for it."
Buyers in that range who cannot find a finished home tend to wait or look at other mountain towns rather than move up in price, Jermano said. Move-in ready homes that are priced well still typically go under contract within the first two weeks.
Timing may add pressure on unsold listings. Showing activity in the High Peaks typically holds through mid to late October, then slows sharply in November until ski season begins. Jermano said a second wave of buyer interest usually follows the holidays, when visitors who spent Christmas and New Year's in the mountains start asking about homes.
About Chase Jermano
Chase Jermano is the broker of Tina Leonard Real Estate, serving buyers and sellers in Lake Placid, Saranac Lake, Keene, Tupper Lake and the surrounding Adirondack region of New York. More information is available at tinaleonardrealestate.com.
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Heather Hook
KeyCrew Media
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Organization: Tina Leonard Real Estate
Website: https://tinaleonardrealestate.com/
Release ID: 89205696
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