This city has the highest percentage of million-dollar homes in the US
luxury real estate
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Silicon Valley really is a millionaire’s playground.
The cities with the highest percentage of owner-occupied million-dollar homes in the country are all in California, with San Jose, San Francisco and Los Angeles taking the top three spots in a new study by LendingTree.
“The concentration of wealth and tech and entertainment seem to be driving California to be the leader,” said Denny Ceizyk, senior mortgage writer for LendingTree, the Charlotte, North Carolina-based online loan marketplace, which analyzed nonrental homes in the country’s 50 largest metro areas using census data.
In an odd turn, New York City has fewer than 10% of units — a unit means any type of home, including a townhouse, condo, mansion, etc., for a single family — valued at $1 million or more. However, New York City had the second-highest number of million-dollar homes (356,032 units) just behind Los Angeles (359,937 units).
“The concentration of million-dollar homes in California, and the fact that New York didn’t make a higher ranking, was a little bit surprising,” said Ceizyk.
San Jose, California
47.29% valued at $1 million
San Jose — the home of Silicon Valley — had the highest concentration of million-dollar homes in the country, with almost half of all abodes worth seven figures, according to the study, which used US census data to make its calculations.
Some 176,243 cost at least $1 million out of 372,659 in the city, where the median home value was $968,800 according to the study, which used the census’ 2019 American Community Survey with five-year estimates.
Since then, prices have risen even higher in San Jose, which is a seller’s market. In May, the median listing price in San Jose was $1.1 million, or $708 per square foot, and they sold for even higher — $1.3 million, according to Realtor.com.
A recent San Jose listing asked $1.258 million for a 1,439-square-foot home with three bedrooms and two bathrooms, according to the listing.
“The challenge with the housing market right now is inventory issues,” said Ceizyk. “We are continuing to see rising prices.”
San Francisco, California
36.25% valued at $1 million
The Golden Gate City has a lower percentage of million-dollar homes than San Jose does — 36.25% of homes cost at least $1 million. That’s 337,480 out of a total of 931,032 homes.
The median listing price in May was $1.3 million — or $1,000 per square foot. They typically sold for even higher, about $1.4 million, according to Realtor.com, which gave San Francisco a “seller’s market” status.
One recent million-dollar listing in San Francisco is a 1,125-square-foot, two-bedroom, one-bathroom home asking $1.15 million, according to the listing.
Los Angeles, California
17.02% valued at $1 million
Los Angeles, “the city of angels,” is the second-largest city in the country behind New York City.
It had 17.02% of homes valued over $1 million — 359,937 out of 2,114,788 units. The median home price was $613,400, according to the study. But interestingly, by sheer volume, La La Land has more million-dollar homes than even San Jose does.
The median listing price in Los Angeles was $950,000 — or about $617 per square foot — in May. The market, which only slightly favors sellers, sold at a median $39,000 discount, according to Realtor.com.
A recent Los Angeles listing asks $1.175 million for a three-bedroom, two bathroom, 1,574-square-foot Spanish home with terra-cotta roof tiles, according to the listing.
Smallest percentage of million-dollar houses
Buffalo, Cleveland and Pittsburgh
Million-dollar homes aren’t necessarily luxury homes — especially in the expensive cities where they’re most likely to be found, such as San Jose, San Francisco and Los Angeles, Ceizyk noted.
The cities with the smallest percentage of million-dollar homes in major metros were Buffalo, New York; Cleveland, Ohio; and Pittsburgh, Pennsylvania — at 0.54%, 0.66% and 0.68%, respectively, the study found — but their million-dollar homes are a different breed.
In Buffalo, the median listing price was $158,000 — or $95 per square foot — and they typically sold for slightly more than that in May, according to Realtor.com. For a glimpse at their million-dollar homes, a recent listing asked $1.35 million for a 6,780-square-foot brick home with five bedrooms and 5½ bathrooms.
In Cleveland, homes typically listed for about $109,000 — or $69 a square foot — and sold for a little more than that in May. So it’s no surprise that a $1.1 million home with a pending buyer has 7,566 square feet, six bedrooms and 6½ bathrooms, according to the listing.
And in Pittsburgh, homes listed for a median $232,000 — $159 per square foot — in May and sold for a little less than that, according to Realtor.com. For instance, a $1.395 million house with a pending buyer offered 6,120 square feet, seven bedrooms and 5½ bathrooms, according to the listing.
“A million-dollar home in San Francisco might be substantially different than in a suburban area. Because of their higher prices and cost of living, home prices tend to go up — but they might not for million-dollar homes in Arizona or Virginia,” said Ceizyk.
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