These 7 California cities have more million-dollar homes than most of US: study

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LOS ANGELES - Saying real estate is "expensive" in the Golden State could very well be an understatement, considering seven California cities have the highest percentage of homes costing $1 million or more.

That's according to statistics via Visual Capitalist, which used data from Redfin and MLS to determine the number of million-dollar homes in the U.S.

The analysis found that 8.2% of homes in America were million-dollar homes as of June 2023, nearing the June 2022 peak of 8.6%.

Topping the list was San Francisco, with 81% of homes worth at least $1 million. That was actually lower than the previous year, which saw 84.2% of homes cost more than $1 million.

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San Jose, home of Silicon Valley, ranked second with million-dollar homes accounting for 80% of residences. The entire San Francisco Bay Area is the most expensive real estate market in America, the study further found, with Oakland also having 49% of homes costing $1 million or more.

In Southern California, Anaheim took third place (55%), followed by San Diego (40%) and Los Angeles (38%). Oxnard rounded out the top 7 list of California cities, ranking eighth overall (35%).

The first non-California metro to make the rankings was Hawaii’s Honolulu at 38%.

According to the report, the number of million dollar homes in the country has doubled since 2019. Analysts said one reason for the increase in housing prices is due to fierce competition for those trying to enter the housing market.

The share of homes worth seven figures has doubled since before the pandemic, data showed.

To see the full study, tap or click here.