Record 8.5% of U.S. Homes Now Worth $1 Million or More

Rising home prices and limited supply drive surge in high-value properties, with California leading the trend.

Nearly one in ten U.S. homes now have a seven-figure price tag, doubling since the pandemic.
California cities like San Francisco and San Jose have the highest concentration of million-dollar homes.
High mortgage rates and tight inventory continue to push home prices upward nationwide.
Austin, Indianapolis, and Houston are among the few metro areas not seeing an increase in million-dollar homes.
Housing affordability remains a critical issue, with starter homes costing $1 million or more in many cities.