Since the start of the global pandemic, the number of million-dollar homes in America has doubled. According to Redfin, nearly 1 in 10 homes in the US are currently valued at $1 million or more. The low number of available houses throughout the year caused the prices of many homes to reach one million dollars or more. If you want to understand the shortage of available homes, you can check out the US cities with the lowest number of homes for sale.
In 2023, homeowners chose to keep their homes despite the high mortgage rates because buying a new home would mean having to pay a higher mortgage. There were many buyers competing for a limited number of items for sale. Because of this shortage, many properties became more valuable and were priced above one million dollars. Many people were attracted to high-quality homes that were in good condition and reasonably priced. We have already discussed some of the most expensive housing markets in America.
Region-Wise Analysis
The number of million-dollar homes increased the most in cities along the East Coast, such as Boston, Bridgeport, and Newark. In 2023, there was a decrease in the number of million-dollar homes being shared in the West Coast metros. Some examples of these cities are Oakland, Oxnard, and Seattle. California has the highest percentage of homes valued at $1 million or more compared to other states. California cities like San Francisco, San Jose, and Anaheim had a large number of homes worth one million dollars or more. Texas and upstate New York had very few million-dollar homes available for sale.
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US Cities with the Most Million-Dollar Homes
San Francisco
81.2% of homes are worth at least $1 million.
San Francisco is located in Northern California and is ranked as one of the top 20 cities in the US with the highest number of million-dollar homes. In 2023, 81.2% of the homes in the city have a value of at least $1 million.
San Jose
79.6% of homes are worth at least $1 million.
San Jose is a city in Northern California. It has one of the highest percentages of million-dollar homes compared to other cities in the United States. The recorded share was 79.6% in 2023.
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Anaheim
Over half of the homes are valued at $1 million or more.
Anaheim is a city in Orange County, California. In 2023, more than half (55.4%) of the homes in Anaheim had a value of at least $1 million.
Oakland
49.0% of homes are worth at least $1 million.
In Oakland, 49.0% of homes are worth at least $1 million. The city is located in Alameda County, California.
Los Angeles
Percentage of homes worth at least $1 million: 38.1%
In 2023, 38.1% of the homes in Los Angeles had a value of at least $1 million. This means that the city is among the top 20 cities in the United States that have the highest number of homes worth one million dollars or more.
Oxnard
Approximately 34.5% of homes are valued at $1 million or more.
Oxnard is a city in Ventura County, California. In 2023, 34.5% of the homes in the city were valued at $1 million or more. Oxnard is one of the cities in the US that has a high number of million-dollar homes.
New York
28.6% of homes are worth at least $1 million.
New York City is a popular city located at the southern tip of New York State. In 2023, New York City had a large percentage of homes worth one million dollars or more compared to other cities in the United States. Approximately 28.6% of the homes in the city were reported to have a value of $1 million or more.
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