Millionaires and million-dollar homes are on the rise. Almost one in 10 homes in the country is valued at $1 million dollars or more. It’s the greatest share on record in history, higher than last year, and more than double than before the pandemic, according to an analysis from Redfin.
So which state holds the most million-dollar homes? None other than California. And “pricey California metros are gaining million-dollar homes faster than anywhere else in the U.S.,” the analysis states. So not only does California already have more seven-figure homes than anywhere else in the country, it’s seeing them proliferate faster. They rose the most in Anaheim, San Diego, and Los Angeles, where the shares of homes worth $1 million or more are roughly 59%, 43%, and 39% respectively. “Those places are gaining seven-figure homes fast because the median home price in each of those metros is around $1 million, meaning there were a lot of homes poised to jump over the million-dollar mark,” Redfin said.
