A record 8.2 percent—or 6 million—U.S. homes were valued at $1 million or more in February 2022. That’s up from 4.8 percent—or 3.5 million—just two years earlier, according to a new report out from Redfin.
It comes as no surprise that California cities dominated the top metro area list, with seven of the top 10 markets falling in the Golden State. In San Francisco, 88.7 percent of homes were worth at least $1 million—the highest share among the 100 most populous U.S. metropolitan areas.
Per Redfin, the following five top metro areas were also California markets, including San Jose (85.9 percent of homes), Anaheim (55.3 percent), Oakland (55.1 percent), San Diego (40.4 percent) and Los Angeles (38.5 percent).
Rounding out the top 10 were Honolulu (37.1 percent), Seattle (36.5 percent), New York (32.1 percent) and Oxnard, CA (31.2 percent).
In the Bay Area, nearly nine out of 10 properties in both San Francisco and San Jose fell into the $1 million-plus category last month. The median sale price in both cities was $1.4 million as of January 2022, up 5 percent year-over-year in S.F and 13 percent in San Jose.
Down south, Anaheim saw the largest annual increase as 55 percent of homes were worth $1 million or more last month, compared to 27 percent two years earlier.