This City Has the Most $1 Million Homes

By Douglas A. McIntyre Updated Aug 17, 10:22AM EDT · Published Aug 17, 7:16AM EDT

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This City Has the Most $1 Million Homes — © Spring-lake-maloney-cottage-2 (CC BY-SA 3.0) by Dmadeo

24/7 Wall St. Insights

The number of homes valued at $1 million has risen to an all-time high.
The cities with the highest percentage of $1 million homes tend to be in California.
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The median value of a home sold in America during July was $425,000, an all-time high. Almost every home sold was at the listing price. Home demand has clashed with owners who want to keep their homes, often because they got 3% or better 30-year fixed-rate loans before those rates recently moved closer to 7%.

Home prices have increased, driving the number of homes valued at $1 million to an all-time high. According to Redfin, that figure has risen to 8.5% of all homes in the United States. Before the pandemic, the figure was 4%. Redfin also reports, “Prices are rising even more for homes that are already expensive.”

“The median sale price of U.S. luxury homes rose 9% year over year to a record $1.18 million in the second quarter,” Redfin analysts report. This has lifted the net worth of many of the owners of these homes. In a few markets, home prices are falling.

Redfin examined the 50 top U.S. markets based on population. It used MLS and proprietary data to determine the percentage of $1 million homes in each market.

The cities with the highest percentage of $1 million homes tend to be clustered around San Francisco, San Diego, and Los Angeles. The list also includes several of the largest cities on the East Coast.

The market with the highest percentage of homes worth over $1 million is San Francisco, at 80.5%, followed by nearby San Jose, at 80.1%. The theory is that the people who have gotten rich in the tech industry live in these cities and surrounding areas.

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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.