Even the novice real estate watcher knows that California is home to some of the most impressive—and expensive—properties in the country. But just how many luxury properties are in the Golden State?
A recent analysis by real estate website Point2Homes looked at home listings in 30 of the largest U.S. markets among the 100 most populous cities in the country to see which cities have the highest proportions of homes with million-dollar price tags. And California took top marks in a number of areas.
In fact, the majority of homes for sale in the state are priced at more than $1 million.
In Los Angeles, listings above $1 million make up around 64 percent of the for-sale market. L.A. also dominates what Point2Homes calls the “ultra-luxury sector,” with almost 12 percent of its homes priced above $5 million.
For mid-size cities, California claims the three top spots: Glendale (66 percent), Huntington Beach (63 percent) and Oxnard (43 percent) boast significant shares of high-end listings.
Back to the largest cities studied, California hot spots including L.A., San Francisco, San Jose and San Diego make up the top 4, with Boston rounding out the top 5.
Notably, the cities with the smallest shares of luxury homes for sale also display some of the lowest median prices. Leading the other end of the list is Detroit, with only 1 percent of listings selling for at least $1 million. Memphis followed, then El Paso.