- 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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