Markets & Economy

Trulia: Million dollar homes are the majority in the Bay Area

The top 10 list of cities was dominated by California and the Bay Area
  • 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...