A record 8.2% of all homes in the US, or 6 million homes, were worth at least $1M as of February 2022.
6 Million Homes in US Worth At Least $1M in February 2022
Since 2020, the number of homes worth at least $1M has doubled, according to a just released report by Redfin.
In February 2022, 6M homes, or 8.2% of total US homes, were worth at least $1M. In 2020, 3.5 homes, or 4.8% of all homes in the US, were worth $1M-plus.
Taylor Marr, Redfin’s Chief Deputy Economist, said, “The surge in housing values has turned many homeowners into millionaires, but has pushed homeownership out of reach for a lot of other Americans. Incomes have increased, but not as fast as home prices, which means that many people are stuck renting or have to move somewhere more affordable if they want to buy a home.”
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7 of Top 10 Metros for $1M-Plus Homes in California
The San Francisco Bay Area was the leader in the number of $1M-plus homes in February. Redfin indicated that both San Francisco and San Jose had nearly 9 out of 10 homes falling into this $1M-plus category.
Take a look at the share of $1M-plus homes in these cities:
- San Francisco – 88.7%
- San Jose – 85.9%
- Anaheim – 55.3%
- Oakland – 55.1%
- San Diego – 40.4%
- Los Angeles – 38.5%
- Honolulu – 37.1%
- Seattle – 36.5%
- New York – 32.1%
- Oxnard CA – 31.2%
The Bay Area has long been the most expensive housing market in the country but since the onslaught of the pandemic, it has become ever more costly. The median sale price in both San Francisco and San Jose was $1.4M as of January 2022, an increase of +5% and +13% year-over-year respectively.
Places Where $1M-Plus Homes Still Regarded as Ultra-Luxury
$1M-plus homes are nothing to sneeze at in most parts of the country including:
- Elgin IL – 0.1%
- El Paso TX – 0.2%
- Columbia SC – 0.2%
- McAllen TX – 0.2%
- Dayton OH – 0.2%
- Buffalo NY – 0.2%
- Akron OH – 0.5%
- Gary IN – 0.5%
- Springfield MA – 0.5%
- Rochester NY -0.5%
- Wilmington DE – 0.5%
- Detroit MI – 0.5%
- Allentown PA – 0.5%
Metros Seeing Biggest Jump in Share of $1M-Plus Homes
What’s driving this surge in the number of $1M-plus homes? The severe housing shortage.
In Anaheim CA, now the third most competitive market in the country and the metro in which the share of $1M-plus homes jumped to 55.3% of its total homes in February 2022 from 27.2% in February 2020, house hunters are regularly competing with dozens of people, according to Linda Tessitore, a local Redfin agent. Tessitore said, “In the past month, I helped one buyer compete against 42 bidders and another compete against 26.”
Take a look at the percentage point increases of $1M-plus homes from 2020 to 2022:
- Anaheim – +28% in two years
- San Diego – +22.8% in two years
- Seattle – +21% in two years
- Oakland – +20.7% in two years
- San Jose – +18% in two years
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Thanks to Redfin.