California dominates this real estate list

Houses along the canal in Venice, Los Angeles, California (Getty Images)

With the nation’s largest population and the highest median home prices, it should be no surprise that California also has the highest concentration of million-dollar homes.

Nearly one in 10 homes in the U.S. were worth at least $1 million in 2023, according to online real estate broker Redfin.

Now, Newsweek magazine, using Redfin’s data, has published an interactive map showing which metropolitan areas have the most million-dollar homes as a percentage.

In California, that’s the San Francisco Bay Area, where around 81% of all homes are valued at $1 million or more. Next come Anaheim (55%), Oakland (49%), San Diego (40%), and Los Angeles (38%).

Honolulu, Hawaii (38%) is the first city outside of California on the list, followed by Oxnard (35%), Salt Lake City (33%) and Seattle (33%).

Top 15 U.S. Cities by percentage of million-dollar homes (Newsweek/Redfin):

• San Francisco, California – 81 percent
• San Jose, California – 80 percent
• Anaheim, California – 55 percent
• Oakland, California – 49 percent
• San Diego, California – 40 percent
• Los Angeles, California – 38 percent
• Honolulu, Hawaii – 38 percent
• Oxnard, California – 35 percent
• Salt Lake City, Utah – 33 percent
• Seattle, Washington – 33 percent
• New York, New York – 29 percent
• Bridgeport, Connecticut – 26 percent
• Boston, Massachusetts – 22 percent
• Nassau County, New York – 16 percent
• Miami, Florida – 14 percent

According to the California Association of Realtors, the median price of a single-family home in California reached $904,210 in April, the highest mark on record. Both sales and sale prices have increased in recent months despite mortgage rates hovering in the 6-7% range: well above their historic lows from the pandemic.

May sales data is not yet available.