The U.S. median home sale price is up 5.2 percent from last October, to over $435,000, according to Redfin. But prices vary widely by location, with the median home value in a couple of metro areas topping $1 million, according to a recent study from LendingTree.
To find where the most expensive homes are concentrated, researchers analyzed home values as reported on the U.S. Census Bureau’s 2023 American Community Survey and ranked the 50 largest metro areas by the share of homes worth $1 million or more. The top four were all in California — the only four in the country with a median value over $800,000.
In San Jose, Calif., around 72 percent of homes were worth $1 million or more, with a median home value of nearly $1.4 million. San Francisco was next, with around 57 percent of homes worth $1 million or more and a median of around $1.1 million.
While the tech hubs of Northern California had the greatest share of million-dollar-plus homes, areas in Southern California were right behind, albeit with noticeably smaller shares and lower medians. Los Angeles had the third-highest share, 36 percent, followed closely by San Diego with nearly 35 percent. LendingTree attributed the high share of expensive homes in California to reduced inventory and the significant wealth generated by the tech and entertainment industries. Across the top four metros, the study also noted, 44 percent of homes had a sale value of at least $1 million.
Which metro areas had the lowest share of expensive homes? Cleveland, Buffalo and Louisville, Ky., each had about a 1 percent share of million-dollar-plus homes and median home values of less than $255,000. Cleveland had the lowest median of any U.S. metro area, at just $217,300.
The post Where Are the Most Million-Dollar Homes? appeared first on New York Times.
