The cities with the most million-dollar homes revealed – with one in ten properties in the US now worth at least $1M
The US cities with the most million-dollar homes have been revealed, and one state in particular dominates the list.
Nearly one in ten American homes would be worth at least $1 million by 2023, according to a real estate analysis Redfin.
While the national average percentage of homes valued above $1 million is 8.2 percent, the city at the top of the list has a whopping 81 percent of homes above the million-dollar mark.
San Francisco was the city that came in first – followed closely by its Bay Area neighbor, San Jose – with 80 percent of its properties costing more than $1 million.
The cities that followed saw a substantial drop in percentage, but the numbers were still shocking.
The US cities with the most million-dollar homes have been revealed, and one state in particular dominated the list (Photo: San Diego home worth $1 million)
In third place came Anaheim (55 percent), followed by Oakland (49 percent), San Diego (40 percent) and Los Angeles (38 percent).
Unsurprisingly, the six largest cities were all in California, the state with the largest population and the highest average home prices.
In fact, California home prices have reached such astronomical figures residents are fleeing the Golden State looking for cheaper properties – instead opting for states like Florida, Texas and North Carolina.
Nearly one in ten homes were worth at least $1 million by 2023 (Photo: Bridgeport home worth $1 million)
While the national average percentage of homes valued above $1 million is 8.2 percent, the city at the top of the list has a whopping 81 percent of homes above the million dollar mark (photo: Boston home worth $1 million )
This comes as the California Association of Realtors revealed that the average price of a single-family home in California was $904,210 in April – the highest figure in the state’s history.
The first non-California country on the list with the most million-dollar homes is Honolulu.
Located in the beautiful and sunny state of Hawaii, it’s no surprise that home prices are so high, with 38 percent of homes selling for more than $1 million.
Hawaii is considered the most expensive state to live in, because in addition to expensive housing, there are also high energy costs and the need to import goods and services from the mainland.
A total of 550 US cities have a median real estate price of $1 million or more, an increase of 59 compared to this time last year (Photo: Seattle home worth $1 million)
Another California city comes in next: Oxnard (35 percent), followed by Salt Lake City (33 percent), Seattle (33 percent), New York (29 percent), Bridgeport (26 percent), Boston (22 percent), Nassau County (16 percent) and Miami (14 percent).
This is evident from data from Zillow America has a record number of ‘million dollar cities’ – where the average house price now exceeds six figures, new data shows.
A total of 550 U.S. cities have a median real estate price of $1 million or more, an increase of 59 compared to this time last year.
The data from real estate portal Zillow exposes just how red-hot the US real estate landscape remains after years of consistent growth.
California alone has 210 “million-dollar cities” – the most of any US state and an increase of 12 from last year.
It was followed by New York, New Jersey And Florida which count 66, 49 and 32 respectively.
Luxury real estate growth has largely outpaced the overall housing market, Zillow’s research shows.
While typical U.S. home prices rose 4.2 percent compared to last year, those in “million-dollar cities” had seen an average year-over-year increase of 4.6 percent.
