Markets Where You’d Likely Have a Million-Dollar Listing

November 5, 2019

More million-dollar homes are coming onto the market as the housing market heats up, shows a new report from LendingTree, an online loan marketplace. Researchers identified which of the 50 largest metro areas have the largest share of million-dollar homes in the country.

Only 5.86% of the nation’s existing homes are valued at $1 million or more. It can vary quite a bit geographically. For example, the metro with the largest number of $1 million or more homes is San Jose, Calif., at 56.46%; Cincinnati has the smallest share, at just 0.66%.

Overall, California has the largest number of million-dollar homes among the top 10 metros, the LendingTree study finds. Nearly one-third of the homes in these areas are valued at least $1 million.

The following five metros have the highest share of million-dollar homes:

1. San Jose, Calif.

  • % of units valued at or above $1,000,000: 56.46%
  • Median value of owner-occupied housing units: $1,091,100

2. San Francisco

  • % of units valued at or above $1,000,000: 42.39%
  • Median value of owner-occupied housing units: $910,300

3. Los Angeles

  • % of units valued at or above $1,000,000: 19.09%
  • Median value of owner-occupied housing units: $650,300

4. San Diego

  • % of units valued at or above $1,000,000: 14.12%
  • Median value of owner-occupied housing units: $606,200

5. Seattle

  • % of units valued at or above $1,000,000: 11.25%
  • Median value of owner-occupied housing units: $487,400