With the nation’s largest population and the highest median home prices, it should be no surprise that California also has the highest concentration of million-dollar homes.
Nearly one in 10 homes in the U.S. were worth at least $1 million in 2023, according to online real estate broker Redfin.
Now, Newsweek magazine, using Redfin’s data, has published an interactive map showing which metropolitan areas have the most million-dollar homes as a percentage.
In California, that’s the San Francisco Bay Area, where around 81% of all homes are valued at $1 million or more. Next come Anaheim (55%), Oakland (49%), San Diego (40%), and Los Angeles (38%).
Honolulu, Hawaii (38%) is the first city outside of California on the list, followed by Oxnard (35%), Salt Lake City (33%) and Seattle (33%).
Top 15 U.S. Cities by percentage of million-dollar homes (Newsweek/Redfin):
- San Francisco, California – 81 percent
- San Jose, California – 80 percent
- Anaheim, California – 55 percent
- Oakland, California – 49 percent
- San Diego, California – 40 percent
- Los Angeles, California – 38 percent
- Honolulu, Hawaii – 38 percent
- Oxnard, California – 35 percent
- Salt Lake City, Utah – 33 percent
- Seattle, Washington – 33 percent
- New York, New York – 29 percent
- Bridgeport, Connecticut – 26 percent
- Boston, Massachusetts – 22 percent
- Nassau County, New York – 16 percent
- Miami, Florida – 14 percent
According to the California Association of Realtors, the median price of a single-family home in California reached $904,210 in April, the highest mark on record. Both sales and sale prices have increased in recent months despite mortgage rates hovering in the 6-7% range: well above their historic lows from the pandemic.
May sales data is not yet available.