Have you heard the one about California having the priciest home sales in the country?
It’s not just anecdotal but hard fact that the Golden State leads the nation in $1 million-plus home sales. And specifically, the Bay Area dominates when it comes to the luxury market.
According to Inspection Support Network, in California, more than one in five homes sell for over $1 million in today’s market. And, the top four metros for home sales above $1 million are all located in California.
Looking at large metro areas, San Jose/Santa Clara and San Francisco come in at no. 1 and no. 2, respectively. San Jose’s percentage of home sales at or above $1 million stands at 61.12 percent, with the median property value for $1 million-plus homes coming in at $1,455,000.
San Francisco comes in close behind with 49.36 percent of $1 million-plus home sales, while the median property value for $1 million-plus homes stands at $1,425,000.
Los Angeles landed in the third spot for major metro areas with 27.51 percent of homes in the $1 million-plus range, followed by San Diego and Seattle.
In the small metro market survey, Santa Cruz claimed the top spot, with 36.70 percent of home sales at or above $1 million. Napa was close behind at no. 2 with 25.2 percent.
A bit closer to SoCal, Santa Barbara had the largest showing of $1 million-plus home sales in the midsize metro territories, with 31.57 percent. Salinas came in at no. 2 with 23.09 percent.
Of the top 15 in each of the three categories (small, midsize and large metros), California cities took 12 spots.