California dominates this real estate list

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By Yosi Yahoudai
Founder and Managing Partner

With the nation’s largest population and the highest median home prices, it should be no surprise that California also has the highest concentration of million-dollar homes.

Nearly one in 10 homes in the U.S. were worth at least $1 million in 2023, according to online real estate broker Redfin.

Now, Newsweek magazine, using Redfin’s data, has published an interactive map showing which metropolitan areas have the most million-dollar homes as a percentage.

In California, that’s the San Francisco Bay Area, where around 81% of all homes are valued at $1 million or more. Next come Anaheim (55%), Oakland (49%), San Diego (40%), and Los Angeles (38%).

Honolulu, Hawaii (38%) is the first city outside of California on the list, followed by Oxnard (35%), Salt Lake City (33%) and Seattle (33%).

Top 15 U.S. Cities by percentage of million-dollar homes (Newsweek/Redfin):

San Francisco, California – 81 percent San Jose, California – 80 percent Anaheim, California – 55 percent Oakland, California – 49 percent San Diego, California – 40 percent Los Angeles, California – 38 percent Honolulu, Hawaii – 38 percent Oxnard, California – 35 percent Salt Lake City, Utah – 33 percent Seattle, Washington – 33 percent New York, New York – 29 percent Bridgeport, Connecticut – 26 percent Boston, Massachusetts – 22 percent Nassau County, New York – 16 percent Miami, Florida – 14 percent Newsweek map showing the highest concentration of homes valued at $1 million or more in 2023. Click for interactive view. (Newsweek/Redfin)

According to the California Association of Realtors, the median price of a single-family home in California reached $904,210 in April, the highest mark on record. Both sales and sale prices have increased in recent months despite mortgage rates hovering in the 6-7% range: well above their historic lows from the pandemic.

May sales data is not yet available.

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About the Author
Yosi Yahoudai is a founder and the managing partner of J&Y. His practice is comprised primarily of cases involving automobile and motorcycle accidents, but he also represents people in premises liability lawsuits, including suits alleging dangerous conditions of public property, third-party criminal conduct, and intentional torts. He also has expertise in cases involving product defects, dog bites, elder abuse, and sexual assault. He earned his Bachelor of Arts from the University of California and is admitted to practice in all California State Courts, and the United States District Court for the Southern District of California. If you have any questions about this article, you can contact Yosi by clicking here.