A record number of homes are worth $1M+

8.5% of U.S. homes are worth $1 million or more, the highest share of all time. That’s up from 7.6% a year ago and more than double the 4% share before the pandemic, according to Redfin’s analysis of past home values using public records and MLS data.
In raw numbers, 8,022,439 U.S. homes were worth at least $1 million in June 2024, compared to 7,155,393 in June 2023 and 3,427,869 in June 2019 (before the pandemic began).
Here are the metros that saw the biggest year-over-year jumps in the share of homes worth at least $1 million, as of June 2024:
  1. Anaheim, CA: +7.8%
  2. San Diego, CA: +6.1%
  3. Los Angeles, CA: +4.3%
  4. San Francisco, CA: +4.2%
  5. Seattle, WA: +4.2%
  6. San Jose, CA: +3.8%
  7. New York, NY: +3.5%
  8. Boston, MA: +3.2%
  9. New Brunswick, NJ: +2.8%
  10. Newark, NJ: +2.8%

Our take
The share of homes worth $1 million or more is at a record high because home prices in general are at a record high. Nationwide, the median sale price was up 4% year-over-year in June. But we’re seeing even bigger jumps in the luxury market. The median sale price of luxury homes rose 9% year-over-year to a record $1.18 million in the second quarter. But we’re not seeing these trends everywhere. The percentage of homes worth a million plus isn’t increasing in important markets such as Austin or Houston. This is because widespread new construction in Texas has pushed up supply, putting a cap on price growth. There’s not as much construction going on in the markets where the share of million-dollar homes has increased. As we have said before, the best way any area can address rising home price growth is to build more. Tackle affordability by addressing supply.