Data & Research
Published Date: January 6, 2023
1. San Jose, CA
Located in the heart of Silicon Valley, San Jose is the hotspot for million-dollar homes. In fact, more than half of San Jose homes are valued at over $1 million, and San Jose is the only U.S. city with an average median home price of over $1 million. Real estate in San Jose has appreciated 87% in the past 10 years, putting it in the top 10% for appreciation in the nation.2. San Francisco, CA
Just north of Silicon Valley, San Francisco has 42% of its homes valued at over $1 million. But the size of million-dollar homes in San Francisco varies widely depending on location and condition, with 700-square-foot condos in popular neighborhoods going for $1 million, and suburban homes with close to 3,000 square feet listed at the same price. The neighborhoods with the highest appreciation in San Francisco are just east of Lake Merced and bordering San Francisco State University.3. Los Angeles, CA
Are you starting to see a California trend? Los Angeles has long been known for pricey real estate, and its selection of million-dollar homes make up 19% of the market. The average size of million-dollar homes in the City of Angels is 1,720 square feet, with 92% of them built before 1999. The priciest neighborhoods include Bel Air, Brentwood, West Sunset Boulevard, and areas along the Pacific Coast Highway.4. San Diego, CA
San Diego continues the trend of expensive West Coast real estate, with 14% of the homes valued at over $1 million. Median home values in San Diego are around $665,000, with the majority of homes in the area priced between $596,000 and $894,000.5. Seattle, WA
Seattle’s 91% white-collar workforce is a contributing factor to having 11% of its homes valued at a million dollars or more. You’ll find the most expensive neighborhoods near Edgewater Park/Broadmoor, Laurelhurst, and East Roy Street at 24th Avenue East. Newer construction dominates the scene, with nearly 24% of all homes built since 2000.6. New York, NY
New York City is known for its expensive real estate, so it’s no surprise that the Big Apple made this list: 10% of homes are valued at a million dollars or more. But unlike many other urban areas in the U.S., New York’s dense population means that 95% of the city’s homes are apartments, not detached houses. One-bedroom apartments make up 39% of those units, and it’s rare to find a home with five bedrooms or more in the city.7. Boston, MA
In Boston 9% of the housing inventory is valued over $1 million. You’ll find Boston’s priciest real estate at Beacon Street near Fisher College and Boylston Street near Presidential Plaza. Boston is known for its history, and it’s not just monuments and museums — in fact, 50% of the city’s real estate was built before 1940. As a college town, Boston also has a high percentage of renters, with only 33% of homes occupied by owners.8. Washington, D.C.
Like Boston, Washington is a hotspot for American history, but with a larger inventory of newer construction homes: 34% of homes in the district were built before 1940. Million-dollar homes make up 7% of the D.C. real estate market, with Dupont Circle’s historic mansions, Georgetown and The Palisades among the city’s most expensive neighborhoods. Typical home values range from about $236,000 to $1.2 million, with no single price bracket cornering the D.C. market.9. Miami, FL
With glamorous mansions lining its waterways, million-dollar homes arepart of Miami’s scenery, making up nearly 5% of the city’s homes. Miami also has some of the newest homes, with 27% of its housing constructed after 2000. Up-and-coming Miami neighborhoods include Buena Vista, City Center and Biscayne Boulevard at Miami Dade College.10. Denver, CO
The Rocky Mountain gem of Denver rounds out the list with 4% of its market consisting of million-dollar homes. Home values are pretty evenly distributed between $122,000 and $914,000, with 86% of them falling in this range. The city is also divided nearly equally between owners and renters, at 49% and 51%, respectively.Note: In addition to the LendingTree study, home and city data was obtained from Zillow and NeighborhoodScout.
Kasey Tross
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Absolutely, diving into the realms of data, research, real estate, and city landscapes is right up my alley. To shed light on those concepts mentioned in the article, let's break it down:
Data & Research:
The piece revolves around a study conducted by LendingTree, which identified cities with a high density of million-dollar homes. This data likely involves various metrics such as median home prices, percentage of homes valued at over $1 million, appreciation rates, and construction timelines, sourced from platforms like Zillow and NeighborhoodScout. It's vital to understand the methodology used in such studies to comprehend the significance and reliability of the findings.
Tips & Advice:
The information provided about different cities and their real estate scenarios could serve as valuable advice for potential homebuyers or investors. For instance, understanding the trends in certain neighborhoods or the varying sizes of million-dollar homes in different locations within a city is crucial advice for making informed decisions in real estate.
Inspiring Homes/Testimonials:
The article indirectly provides insights into the types of homes available in different cities and neighborhoods. The descriptions of affluent areas, historic districts, and newer constructions offer a glimpse into the diversity of housing options available in these high-end markets. Testimonials or personal experiences of homeowners or residents could further enrich the understanding of these areas.
Top Destinations/Co-ownership 411:
The list of cities with the highest density of million-dollar homes essentially becomes a guide for top destinations for luxury living or real estate investment. Co-ownership, a growing trend in real estate, might find relevance here, especially in these expensive markets where shared ownership can make property acquisition more accessible.
The article encapsulates a wealth of information for individuals interested in real estate markets, investment opportunities, or simply understanding the landscape of high-priced homes across various American cities. The mix of historical context, current market trends, and predictions for future growth in these cities offers a comprehensive view of the real estate sector.
