A record number of homes are now worth $1 million or more

Key Facts

• Since the start of the pandemic, the share of homes worth $1 million or more has doubled, with a record 1 in 12 properties now worth above that figure, according to a new analysis.
• • San Francisco: 89% of homes worth $1 million or more San Jose: 86% Anaheim: 55% * Oakland: 55% Across the nation, about 8.2% of homes in February were valued at $1 million or more, or about 1 in 12 properties, Redfin found.
• A shortage of homes for sale is leading to cut-throat competition in the market to buy a property, just as millions of millennials are seeking to buy their first homes and as the switch to remote work is allowing more white-collar workers to relocate.
• The market with the second-biggest jump in share of million-dollar homes is San Diego, with a 22 percentage point jump to about 40% of properties now worth more than $1 million.

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