The proportion of U.S. homes valued at or above $1 million has nearly doubled over the past four years, growing from 1.6 percent of the country’s homes to three percent, according to a new report released today by Trulia.
Three percent might not sound like much, but the price jumps are overwhelmingly concentrated in dense metro areas with a high cost of living—places like San Francisco, San Jose, Honolulu, New York, and Seattle.
San Francisco experienced the country’s largest increase in million-dollar homes. In 2012, just 19.6 percent of the city’s housing stock was priced at $1 million or more. Today, that number is closer to a whopping 57.4 percent.
California cities dominated the list, with seven of the top ten million-dollar housing markets, including San jose, Oakland, Orange County, Los Angeles, San Diego, and Ventura County, as well as San Francisco.
Outside of Cali, Honolulu, Hawaii was number six on the list, with the city’s share of million-dollar homes increasing from 8.1 percent to 15.4 percent over the past four years.
New York City saw the smallest relative increase in million-dollar homes as compared to the other metro areas on the list, jumping from just 7 percent to 12 percent. However, it’s noteworthy that most of those gains were heavily concentrated in Brooklyn, especially Bed-Stuy, where the proportion of million-dollar homes increased from less than 2 percent of homes in the neighborhood to 56.6 percent.