Million Dollar Creep: Where Seven Figure Homes are the New Normal

Since 2012 the share of million dollar homes in the United States has increased from 1.6% to 3%, but many metros and neighborhoods have seen a much larger increase.

The million-dollar home used to be a rarity in the United States, but is now becoming commonplace in several of America’s largest housing markets. Among the 100 largest metros, San Francisco has seen the largest increase in the share of million dollar homes in the country, growing to 57.4% in 2016 from 19.6% of homes in 2012. It’s followed by two other Bay Area metros, No. 2 San Jose and No. 3 Oakland. But the phenomenon is not limited to the SF Bay Area: metros in Southern California, Hawaii, and the Northeast have also seen noticeable gains, having nearly doubled the share of million dollar homes in just four years.

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Housing Markets With the Biggest Increase in Million Dollar Homes
Rank U.S. Metro % of $1 million+ Homes in Metro, May 2012 % of $1 million+ Homes in Metro, May 2016 Percentage Point Change
Click here to download the data for the 100 biggest metros.
1 San Francisco, CA 19.6% 57.4% +37.8
2 San Jose, CA 17.4% 46.3% +28.9
3 Oakland, CA 5.2% 19.7% +14.5
4 Orange County, CA 7.1% 16.1% +8.9
5 Los Angeles, CA 8.0% 16.3% +8.3
6 Honolulu, HI 8.1% 15.4% +7.3
7 San Diego, CA 5.4% 10.7% +5.2
8 New York, NY 7.0% 12.0% +4.9
9 Ventura County, CA 4.3% 9.0% +4.6
10 Seattle, WA 2.5% 7.0% +4.5

 

We also wanted to find out where million dollar homes have spread the most within these regions, so we calculated the value for every home in each region’s neighborhoods between May 2012 and May 2016. We define a million-dollar home as any home – regardless of whether it’s listed for sale or not – with a value of $1 million or more. Here is the breakdown of neighborhoods experiencing the largest increase within each region.

– See more at: http://www.trulia.com/blog/trends/million-dollar-homes-2016/#sthash.3l1TohEZ.dpuf

 

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