- Seven of the top 10 cities with the most seven figure homes are located in California
- The Bay Area rounded out the top three cities with the most million dollar homes
- The majority of homes in San Francisco are at least $1 million
Million dollar homes used to be somewhat rare, but now some cities are becoming overrun with properties worth seven figures.
Trulia recently released a report that measured what U.S. cities saw the biggest increases in million dollar homes, and California dominated.
San Francisco, San Jose and Oakland rounded out the top three on the list. Increasing more than 37 percent since 2012, San Francisco million dollar homes concentrated the market by 57.4 percent as of May 2016. That’s more than 10 percent larger of a share than the second place market, San Jose.
The tech epicenter of Silicon Valley is triggering massive increases in million dollar homes throughout the Bay Area. No other city on the list reported by Trulia saw a double-digit increase in million dollar homes except for the top three.
Oakland saw an increase of 14.5 percent in May 2016 from 5.2 percent in 2012. All other cities on the top 10 list had a higher percentage of million dollar homes in 2012 except for Ventura County, California, and Seattle.
The top five metro areas was rounded out with Southern California’s Orange County and Los Angeles. Both regions saw about the same amount of million dollar homes in 2016, 16.1 percent and 16.3 percent, respectively.
Since 2012, the Southern California areas witnessed an 8.9 percent and 8.3 percent increase.
The bay of million dollar homes
Fourteen neighborhoods in the Bay Area are entirely composed of homes worth more than one million dollars. Esther Clark Park, Felton Gables and Standford Hills are among the neighborhoods that have been home to solely million-dollar properties.
Neighborhoods like Westwood Park and Nineteenth Avenue have seen significant change in the past few years. These neighborhoods saw 93 percent and 89.7 percent increases in the share of million dollar homes.
The flood of million dollar homes in the Bay Area hit neighborhoods like Bay Meadows hard. In 2012, only 1.8 percent of its homes were seven figures. Today, 82 percent hit that mark.
Southern California figures doubling
Pacific South Bay has seen a pretty significant increase in million dollar properties, having almost none in 2012. Only 0.8 percent of homes were listed above the million dollar mark, and now more than 66 percent hit the threshold.
South Carthay and Pacific Colony have 97.2 percent and 94.7 percent of their homes valued at $1 million and more.
Two neighborhoods had all million dollar homes. Properties in Glendale and Library District are all listed above $1 million, and that was the same trend in 2012.
An apperance from the east
And what’s a million dollar home list without New York City?
The Big Apple ranked no. 8 with 12 percent of its market comprised of million dollar homes. NYC saw a 4.9 percent increase in the number of million dollar properties.
Bedford Stuyvesant saw the biggest jump in million dollar homes. The neighborhood had only 1.7 percent of its homes in the million dollar bracket four years ago, and today that share is 56.5 percent.
In neighborhoods like Prospect Park and NoHo, 97.8 percent and 92.7 percent of homes are above $1 million.