Five of the top 10 cities measured by their share of million-dollar homes are on the West Coast. The next four are on the East Coast, and there’s one smack in the nation’s middle.
The list compiled by LendingTree is topped by San Jose, California, in the heart of Silicon Valley. Technology giants including Adobe Systems, PayPal, and Cisco have their headquarters there.
About 57% of the San Jose metro area’s homes are worth $1 million or above, LendingTree said in a report on Monday.
The median value of a San Jose home is $1.09 million, more than triple the $272,100 national median home price in September, as measured by the National Association of Realtors.
No. 2 on the list is San Francisco, where 42% of homes are priced at $1 million or above. The median price for a home in the city’s metro area is $910,300, LendingTree said.
No. 3 is Los Angeles, with a 19% share of million-dollar homes. The metro area’s median price is $650,300, the study said.
Next is San Diego, with a 14% share of million-dollar homes and a $606,200 median value, followed by Seattle, with an 11% million-dollar share and a $487,400 median price.
New York comes in at No. 6, with a 10% share and a $457,100 median price, followed by Boston, at 8.6% and a median price of $464,600. Washington D.C. is next, with a 7.1% share and a $433,200 median price, followed by Miami, at 4.6% and a $298,800 median price.
Denver is the first non-coastal city on the list, in the No. 10 slot. It has a 4% share of million-dollar homes, and a median price of $420,600, LendingTree said.
