The Only City Where Homes Cost Over $1 Million on Average

By Douglas A. McIntyre Published Jun 27, 11:30AM EDT

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The Only City Where Homes Cost Over $1 Million on Average — © SpVVK / iStock via Getty Images

Even with a housing market in which median home prices are rising 20% year over year each month, only one market has median prices above $1 million.

The median price of a home in the United States is about $400,000. A few markets are close to half that, particularly old industrial cities like Detroit and Cleveland.
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However, prices in large coastal cities, particularly in California, are double the national figure. The highest is San Jose at $1,390,000. The area is home to America’s most successful tech companies, many of which pay large portions of their employees well over $200,000 a year.
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San Francisco, Ventura and San Diego have median home prices over $900,000.

Home prices in San Jose likely will hold up despite high inflation and surging mortgage rates. The success of the companies in and around the city continues to be largely unharmed by economic issues, and they will weather a recession well.
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Homes in San Jose will remain scarce. New home building across the country has been hit by shortages and high prices of construction material. Labor costs have risen as well. No matter where a housing market is, these problems are inescapable.
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The United States permanently will have at least one home market averaging over the million-dollar mark.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.