Nine of the top 10 markets with homes valued at $1 million and higher are found along the two coasts, according to a new data analysis by LendingTree
California’s Bay Area ruled the top of the seven-digit-housing chart, with San Jose at the peak thanks to a 53.81 percent share of million-dollar homes. The median value for $1 million-plus homes in this market was $1.5 million, while the median overall value was $1.069 million. San Francisco placed second with a 40 percent share of million-dollar homes, while Los Angeles trailed with a 17.23 percent share.
Rounding out the top 10 list was New York City (an 11.81 percent share), San Diego (a 10.55 percent share), Seattle (a 9.90 percent share), Boston (a 7.95 percent share), Washington, D.C. (a 5.27 percent share), Miami (a 3.79 percent share) and, as the sole non-coastal market, Denver (a 2.65 percent share). At the other end of the spectrum, Buffalo, N.Y. had the lowest share of million-dollar houses with a 0.10 percent share.
“The cities in the top 10 are known for having expensive housing markets in general,” said LendingTree Chief Economist Tendayi Kapfidze. “They all have median values above $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.”