Nearly 1 in 10 U.S. Homes Are Worth at Least $1 Million, Close to All-Time High

[Ptarmigan]

Nearly 1 in 10 U.S. Homes Are Worth at Least $1 Million, Close to All-Time High
https://www.redfin.com/news/million-dollar-homes-share-rises/

The share of million-dollar-plus homes is on the upswing after dropping to a 12-month low in February. That’s because scarce inventory is driving up prices, pushing many homes on the cusp over the seven-figure mark.

Just over 8% of U.S. homes are worth $1 million or more, near June 2022’s all-time high of 8.6%.



This analysis estimated current home values using the Redfin Estimate, public records and MLS data, and past home values using public records and MLS data. The figures in this report represent June 2023, unless otherwise noted. See the end of this report for a detailed methodology.

The share of homes worth seven figures is on the upswing after dipping to a 12-month low of 7.3% in February. That’s because home prices are rising on a year-over-year basis after falling at the beginning of the year. The median U.S. home-sale price rose 3% in July, the biggest increase since last November. Prices are rising faster for high-end homes, with the median sale price of U.S. luxury homes up 4.6% year over year to $1.2 million in the second quarter.

Today’s elevated mortgage rates are discouraging potential home sellers, with homeowners staying put to keep their relatively low mortgage rates. Inventory is so low that even though many buyers are sidelined by high rates, those who are in the market are competing for the few homes for sale. That’s driving home prices up and pushing many of those on the cusp above the million-dollar mark.

San Francisco has the most million dollar houses. 81 percent of the houses are at least $1 million.


Here is the top 15.


The top 5 are all in California. Three of them are in the San Francisco Bay Area.

[DefiantSix]

We have Commie-fornian ex-pats moving to the Silicon Slopes (just south of Galt's Gulch) in job lots, it seems.

I live in an 800 ft² mobile home with my wife and son. When I bought it 12 years ago, I paid ~$25,000 for it. Some of our neighbors recently sold in the neighborhood of $200K, all because the land around us has been bought up and converted into $500K houses on >1/4 acre lots. 

Work is providing an opportunity to pick up Galt's Gulch and relocate to Wyoming for some refinery projects this year. I'm getting the hell out of Dodge while I can.

[fatboy]

Our place is literally the smallest on the street. Most of the homes that have been listed recently have been priced at about $450K, maybe a little more. Our place which Zillo shows at about $300K is 1600 sq ranch, detached garage, well/septic and on 3.5 acres. Taxes are not too bad $3500/year. Our home is paid off since 2017. My guess is the property values here are going to skyrocket in the next 10-15 years.  Nice area.