Demand for U.S. homes with price tags of $1 million or more continued to rise in January, as the pandemic drove consumers’ appetites for larger properties that can do it all—providing a place for work, school and recreation, according to report by the online realtor Redfin.

More than 10% of saved home searches on the listing portal were set to properties asking $1 million or more, the highest share of million-dollar-home searches the listing site has ever recorded in four years of tracking, the company said on Wednesday. Last January, about 8.5% of all saved searches were for homes at or above that price threshold.

“Wealthy people are reaping the benefits of unequal recovery from the pandemic-driven recession, as they earn money from robust stock portfolios and rising real estate values,” Redfin Chief Economist Daryl Fairweather said. “Not only can they afford to move, they also have big budgets. Unfortunately, many lower-income people, particularly those in the service industry, are struggling financially and aren’t in the market for homes.”

There are multiple reasons why demand for million-dollar homes is on the rise, according to Redfin.

High earners who held onto their jobs during the pandemic are benefiting from remote work and skyrocketing portfolios. Meanwhile, fierce competition over a shortage of homes for sale has caused prices to soar across the U.S., pushing the median home price past $500,000 for the first time in numerous cities.

“The already-severe shortage of homes for sale is being intensified by hungry homebuyers,” Redfin said. The firm is predicting that competition will increase home prices more than usual this spring.

“We are getting multiple offers on homes in the $1 million and above range, which typically does not happen,” Kim Dixson, a Redfin realtor in Annapolis, Md., told Financial Advisor magazine.

“Shortage of inventory is really driving competition,” added Dixson, who said she is mostly seeing buyers “in their 40s through age 55. Basically, people are looking for more square footage and waterfront is also popular. After Covid, everyone wants to be outdoors, garden have a home gym. Low interest rates are helping them afford more home. At the same time, they can sell their home for more.”

In December, the U.S. median sale price was up 13% from a year prior, according to Redfin.

The same cannot be said for homes priced at $500,000 or below. In January, 36% of home searches were filtered for properties asking $500,000 or less, down from 39% a year ago. It’s a sign that lower-income buyers are not as active in the market.

As expected, the nation’s most expensive cities saw the greatest share of million-plus home searches. Nearly half of all searches set in San Francisco and San Jose, Calif., were for homes above that seven-digit threshold.

Greater Boston; Nassau County, N.Y.; Oxnard and San Diego, Calif.; and Seattle all saw saved searches set for $1 million or more hit all-time highs in January, Redfin reported.