California dominates this real estate list

California, renowned for its large population and soaring median home prices, unsurprisingly boasts the highest concentration of million-dollar residences in the nation.

Redfin, an online real estate broker, reported that nearly one in 10 homes in the United States held a value of at least $1 million in 2023.

Using Redfin’s data, Newsweek magazine recently unveiled an interactive map illustrating the metropolitan areas with the highest percentage of million-dollar homes.

Leading the pack is the San Francisco Bay Area, where approximately 81% of homes boast values exceeding $1 million. Following closely are Anaheim (55%), Oakland (49%), San Diego (40%), and Los Angeles (38%).

Outside of California, Honolulu, Hawaii, makes an appearance on the list with 38%, followed by Oxnard (35%), Salt Lake City (33%), and Seattle (33%).

The top 15 U.S. cities by the percentage of million-dollar homes, as per Newsweek/Redfin data, are:

1. San Francisco, California – 81%
2. San Jose, California – 80%
3. Anaheim, California – 55%
4. Oakland, California – 49%
5. San Diego, California – 40%
6. Los Angeles, California – 38%
7. Honolulu, Hawaii – 38%
8. Oxnard, California – 35%
9. Salt Lake City, Utah – 33%
10. Seattle, Washington – 33%
11. New York, New York – 29%
12. Bridgeport, Connecticut – 26%
13. Boston, Massachusetts – 22%
14. Nassau County, New York – 16%
15. Miami, Florida – 14%

The California Association of Realtors reported that the median price of a single-family home in California soared to a record high of $904,210 in April. Despite mortgage rates hovering in the 6-7% range, both sales and sale prices have continued to climb in recent months, surpassing historic lows observed during the pandemic. Data for May sales is pending release.