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. facebook-letter-logo x-logo linkedin-logo pinterest-logo [Facebook](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fapfreg.com%2Fa-record-number-of-homes-are-worth-1m%2F) [X](https://x.com/intent/post?url=https%3A%2F%2Fapfreg.com%2Fa-record-number-of-homes-are-worth-1m%2F&text=A+record+number+of+homes+are+worth+%241M%2B) [Pinterest](https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fapfreg.com%2Fa-record-number-of-homes-are-worth-1m%2F) [LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fapfreg.com%2Fa-record-number-of-homes-are-worth-1m%2F&title=A+record+number+of+homes+are+worth+%241M%2B&summary=8.5%25+of+U.S.+homes+are+worth+%241+million+or+more%2C+the+highest+share+of+all+time.+That%E2%80%99s+up+from+7.6%25+a+year+ago+and+more+than+double+the+4%25+share+before+the+pandemic%2C+according+to+Redfin%E2%80%99s%C2%A0analysis+of+past+home+values%C2%A0using+public+records+and+MLS+data.+In+raw+numbers%2C+8%2C022%2C439+U.S.+homes+were+worth+at+least+%5B%E2%80%A6%5D)