Rising home prices are hitting consumers in the pocketbook – but they’re also opening up opportunities for homeowners’ insurers. But even with prices on the rise, homes with seven-figure price tags are still relatively rare. In some cities, however, they’re fast becoming the norm.
A new analysis by online mortgage platform LendingTree has ranked 50 metro areas by their share of homes valued at $1 million or more. California boasts several metro areas with a high proportion of $1 million-plus homes, including the top three: San Jose, San Francisco and Los Angeles.
In those three cities, along with San Diego and New York, more than 10% of homes are valued at $1 million or more, according to LendingTree.
San Jose has the largest share of million-dollar-plus homes at 53%. It’s also the only city in the country with a median home value of more than a million dollars ($1,069,000), according to LendingTree.
Forty per cent (40%) of San Francisco homes cost $1 million or more, and the city’s median home price is $891,000. Los Angeles runs a distant third, with 17.23% of all homes costing $1 million or more and a median home value of $622,000. The share of million-dollar-plus homes is 11.81% in New York and 10.55% in San Diego.
Most of the cities with high percentages of seven-figure homes are on the coast, according to LendingTree. The exception is Denver, with a 2.65% share of seven-figure homes.
The metro areas with the lowest share of million-dollar-plus homes are Hartford, Conn. (0.18%), Pittsburgh (0.17%), and Buffalo, N.Y. (0.10%).