The American cities with the most million-dollar homes have been revealed, and one state in particular dominated the list.
Nearly one in 10 American homes was worth at least $1 million in 2023, according to a real estate analysis by red fin.
While the national average percentage of homes valued at more than $1 million is 8.2 percent, the city at the top of the list has a whopping 81 percent of homes above the million-dollar mark.
San Francisco was the first-place city, closely followed by its Bay Area neighbor, San Jose, with 80 percent of properties costing more than $1 million.
The cities that followed saw a substantial decrease in percentage, but the numbers were still shocking.
The US cities with the most million-dollar homes have been revealed, and one state in particular dominated the list (pictured: home in San Francisco)
In third place was Anaheim (55 percent), followed by Oakland (49 percent), San Diego (40 percent) and Los Angeles (38 percent).
As expected, the top six cities were in California, the state with the largest population and highest median home prices.
In fact, home prices in California have reached such astronomical levels that residents are fleeing the Golden State in search of cheaper properties, opting instead for states like Florida, Texas and North Carolina.
Nearly one in 10 homes was worth at least $1 million in 2023 (Pictured: San Diego home)
While the national average percentage of homes valued at more than $1 million is 8.2 percent, the city at the top of the list has a whopping 81 percent of homes above the million-dollar mark (pictured: house in Boston).
This comes as the California Association of Realtors revealed that the median price of a single-family home in California reached $904,210 in April, which is the highest figure in state history.
The first place outside of California on the list for having the most homes valued in millions of dollars is Honolulu.
Located in the beautiful, sunny state of Hawaii, it’s no surprise that home prices are so high: 38 percent of homes sell for more than $1 million.
Hawaii is considered the most expensive state to live in, because in addition to expensive housing, there are also high utility costs and the need to import goods and services from the mainland.
San Francisco was the first-place city, closely followed by its Bay Area neighbor, San Jose, with 80 percent of properties costing more than $1 million.
Another California city follows: Oxnard (35 percent), followed by Salt Lake City (33 percent), Seattle (33 percent), New York (29 percent), Bridgeport (26 percent), Boston (22 percent) and Nassau County. (16 percent) and Miami (14 percent).
Zillow data shows that the United States has a record number of “million dollar cities,” where the median home price is now over six figures, new data shows.
In total, 550 U.S. cities have a median property price of $1 million or more, 59 more than this time last year.
Data from real estate portal Zillow highlights just how hot the US real estate scene remains after years of steady growth.
California alone has 210 “million-dollar cities,” the most of any U.S. state and an increase of 12 from last year.
They were followed by New York, New Jersey and Florida, which have 66, 49 and 32 respectively.
Luxury real estate growth has largely outpaced the broader housing market, Zillow research shows.
While the value of typical U.S. homes has grown 4.2 percent compared to last year, those in “million dollar cities” had seen an average year-over-year increase of 4.6 percent.