LendingTree Reveals the Cities with the Highest Share of Million-Dollar Homes

July 2, 2018 at 1:30 PM EDT
West coast cities dominate the top 10 while Northeast have the lowest concentration of million-dollar homes

CHARLOTTE, N.C., July 2, 2018 /PRNewswire/ -- 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 Jose, San Francisco, Los 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.

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

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/.

Rank

Metro

Share of Million-
Dollar Homes

Median Price
All Homes

Median Price
Homes Over
$1 Million

1

San Jose, Calif.

53.81%

$1,069,000

$1,505,000

2

San Francisco

40.03%

$891,000

$1,409,000

3

Los Angeles

17.23%

$622,000

$1,419,000

4

New York

11.81%

$454,000

$1,384,000

5

San Diego

10.55%

$563,000

1,326,000

6

Seattle

9.90%

$461,000

$1,269,000

7

Boston

7.95%

$459,000

$1,329,000

8

Washington

5.27%

$395,000

$1,254,000

9

Miami

3.79%

$267,000

$1,454,000

10

Denver

2.65%

$391,000

$1,232,000

11

Austin, Texas

2.16%

$282,000

$1,310,000

12

Portland, Ore.

1.95%

$378,000

$1,237,000

13

Sacramento, Calif.

1.72%

$386,000

$1,239,000

14

Houston

1.52%

$192,000

$1,401,000

15

Nashville, Tenn.

1.52%

$235,000

$1,283,000

16

Phoenix

1.51%

$242,000

$1,368,000

17

Providence, R.I.

1.32%

$266,000

$1,340,000

18

Dallas

1.31%

$213,000

$1,395,500

19

Chicago

1.30%

$223,000

$1,231,000

20

Riverside, Calif.

1.12%

$332,000

$1,339,000

21

Baltimore

1.07%

$270,000

$1,214,000

22

Charlotte, N.C.

1.02%

$187,000

$1,295,000

23

Jacksonville, Fla.

0.92%

$179,000

$1,302,000

24

Raleigh, N.C.

0.91%

$222,000

$1,247,000

25

Tampa, Fla.

0.90%

$190,000

$1,286,000

26

Minneapolis

0.88%

$260,000

$1,283,000

27

Atlanta

0.85%

$191,000

$1,297,000

28

Las Vegas

0.80%

$239,000

$1,354,000

29

Orlando, Fla.

0.78%

$216,000

$1,332,000

30

Salt Lake City

0.74%

$308,000

$1,238,000

31

Philadelphia

0.69%

$220,000

$1,234,000

32

New Orleans

0.65%

$181,000

$1,239,500

33

Virginia Beach, Va.

0.55%

$221,000

$1,256,000

34

Birmingham, Ala.

0.50%

$143,000

$1,225,000

35

Milwaukee

0.50%

$206,000

$1,278,000

36

Richmond, Va.

0.50%

$218,000

$1,236,000

37

St.Louis

0.48%

$154,000

$1,296,000

38

Detroit

0.44%

$149,000

$1,301,500

39

San Antonio

0.41%

$191,000

$1,319,000

40

Kansas City, Mo.

0.39%

$169,000

$1,289,000

41

Cincinnati

0.34%

$158,000

$1,315,000

42

Oklahoma City

0.33%

$140,000

$1,339,000

43

Louisville, Ky.

0.30%

$157,000

$1,249,000

44

Columbus, Ohio

0.30%

$174,000

$1,300,000

45

Memphis, Tenn.

0.28%

$130,000

$1,290,000

46

Indianapolis

0.27%

$127,000

$1,306,000

47

Cleveland

0.19%

$131,000

$1,368,500

48

Hartford, Conn.

0.18%

$223,000

$1,252,000

49

Pittsburgh

0.17%

$149,000

$1,207,000

50

Buffalo, N.Y.

0.10%

$141,000

$1,280,000

Methodology
To determine the cities with the highest share of million-dollar homes, LendingTree looked at home value data in the 50 largest core-based statistical areas in the U.S. The analysis uses figures pulled on June 26, 2018 from the My LendingTree property value database. The database includes estimated home values for more than 155 million properties in the U.S., based on public tax, deed, mortgage and foreclosure data, as well as proprietary local data used to power home financing recommendations for My LendingTree users. LendingTree determined the concentration of million-dollar homes by dividing the number of homes in the area valued at $1 million or higher by the total number of homes in the CBSA.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online loan marketplace, empowering consumers as they comparison-shop across a full suite of loan and credit-based offerings.  LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 65 million loan requests. LendingTree provides free monthly credit scores through My LendingTree and access to its network of over 500 lenders offering home loans, personal loans, credit cards, student loans, business loans, home equity loans/lines of credit, auto loans and more. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.


MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.greuling@lendingtree.com

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