West coast cities dominate the top 10 while Northeast have the lowest concentration of million-dollar homes

LendingTree®, the nation’s leading online loan marketplace, today released a study on the cities with the highest share of homes over $1 million.

Homes over $1 million are rare, but some cities do have larger concentrations of them. LendingTree analysts set out to find out where those million-dollar homes are located and ranked the top 50 cities by the share homes valued over $1 million as recorded in the My LendingTree property value database, which is a collection of real estate data for more than 155 million U.S. properties. The study also includes the median home values.

Key Findings:

  • California is home to the top three places with the highest concentration of million-dollar homes. San JoseSan FranciscoLos Angeles and San Diego are also four of the only five metros where more than 10 percent of homes are valued over $1 million.
  • Most cities in the top 10 are on the coasts, with the exception of Denver, which is the farthest inland.
  • The cities in the top 10 are known for having expensive housing markets in general. They all have median values over $300,000, except for Miami.
  • Rust Belt cities dominate the 10 places with the smallest concentration of million-dollar homes. These are also generally more affordable cities and have median values below $200,000, with the exception of Hartford, Conn.
  • Buffalo, N.Y. has the lowest share of homes over $1 million with only one out of every 1,000 homes passing the threshold.
(PRNewsfoto/LendingTree)

Cities with highest share of million-dollar homes

#1 San Jose

  • Share of million-dollar homes: 53.81%
  • Median value of $1 million-plus homes: $1,505,000
  • Median value overall: $1,069,000

#2 San Francisco

  • Share of million-dollar homes: 40.03%
  • Median value of $1 million-plus homes $1,409,000
  • Median value overall: $891,000

#3 Los Angeles

  • Share of million-dollar homes: 17.23%
  • Median value of $1 million-plus homes: $1,419,000
  • Median value overall: $622,000
(PRNewsfoto/LendingTree)

Cities with lowest share of million-dollar homes

#48 Hartford, Conn.

  • Share of million-dollar homes: 0.18%
  • Median value of $1 million-plus homes: $1,252,000
  • Median value overall: $223,000

#49 Pittsburgh

  • Share of million-dollar homes: 0.17%
  • Median value of $1 million-plus homes: $1,207,000
  • Median value overall: $149,000

#50 Buffalo, N.Y.

  • Share of million-dollar homes: 0.10%
  • Median value of $1 million-plus homes: $1,280,000
  • Median value overall: $141,000

To view the full report, visit: https://www.lendingtree.com/home/mortgage/lendingtree-reveals-cities-highest-share-million-dollar-homes/.

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