Lending Tree, one of the nation’s largest online lenders, ranked the top 50 cities by market share of homes valued over $1M in 2018. Using its property value database with a collection of real estate data for some 155M US properties as well as estimated home values, public tax records, and deed, mortgage and foreclosure data, Lending Tree came up with percentages of +$1M homes/city plus median values of $1M homes and median values overall by city.
Note that California is home to the top 3 ranked cities among the top 10 with the highest shares of +$1M homes. San Diego is also the 4th of 5 metros where more than 10% of the homes are valued at +$1M. Most cities among the top 10 are located on our two coasts; Denver is the only exception as an “interior” city.
Note too that the Rust Belt dominates the 10 places with the smallest share of +$1M homes. All of these cities are more affordable and all save Hartford CN have median home values below $200,000. Buffalo has the lowest concentration of homes +$1M…only 1 in 1,000 homes qualify.
Cities with Highest Share of +$1M Homes
- San Jose – 53.8%
- Median value of $1M homes – $1,505,000
- Median value overall – $1,069,000
- San Francisco – 40.03%
- Median value of $1M homes – $1,409,000
- Median value overall – $891,000
- Los Angeles – 17.23%
- Median value of $1M homes – $1,419,00
- Median value overall – $622,000
- New York
- San Diego
- Washing DC
Cities with Lowest Share of $1M Homes
- Buffalo – 0.10% Median value of $1M homes – $1,280,00 Median value overall – $141,00
- Pittsburgh – 0.17% Median value of $1M homes – $1,207,000 Median value overall – $149,000
- Hartford – 0.18% Median value of $1M homes Median value overall – $223,000
- Oklahoma City