Where Are Most/Least Million Dollar Homes?

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Key Highlights

  • New LendingTree report indicates metro areas with most and least homes valued at $1M+
  • $1M homes = 3X median home price of approximately $350,000

What Makes A Home Worth $1M+?

First and foremost…LOCATION, LOCATION, LOCATION

After LOCATION come square footage, quality of materials and finishes and construction type.

New LendingTree Study Identifies Metros with Highest/Lowest Percentage of Owner-Occupied Homes Valued at $1M or More

This LendingTree study points out that only five US metros had a portion of owner-occupied $1M homes that exceeded 10% of that metro’s housing stock.  Simultaneously, the portion of $1M homes accounted for less than 1% of all 10 of the most expensive metros below.

Metros with Greatest Percentages of $1M+ Homes

Metro              % of  $1M+ Units         Median Value

San Jose CA                47%                          $968,800

San Francisco CA         36%                          $840,600

Los Angeles CA            17%                          $613,400

San Diego CA               12%                          $563,700

New York NY                 10%                          $450,900

Seattle WA                    9%                             $436,100

Boston MA                     7%                             $437,500

Washington DC              7%                             $424,000

Miami FL                        4%                             $280,400

Denver CO                      4%                             $380,900

Metros with Smallest Percentages of $1M+ Homes

Metro                 % of +$1M Units                 Median Value

Kansas City MO             0.9%                         $183,300

Louisville KY                  0.9%                         $169,500

Memphis TN                   0.9%                         $152,200

Detroit CO                      0.9%                         $170,000

Indianapolis IN                0.8%                         $163,100

Cincinnati OH                  0.7%                         $168,900

Columbus OH                  0.7%                         $184,800

Pittsburgh PA                  0.7%                         $154,000

Cleveland OH                  0.7%                         $151,600

Buffalo NY                      0.5%                         $148,500

 

Thanks to LendingTree.

 

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