Record 8.5 Percent of American Homes Now Cost at Least $1 Million

The share of million-dollar homes in the United States has risen to a new high as elevating home prices keep pushing properties into the price bracket, according to a report by real estate brokerage Redfin.

A record 8.5 percent of American homes are now worth $1 million or more, the “highest share of all time,” according to an Aug. 16 report. This is more than double the four percent rate prior to the COVID-19 pandemic. California has the biggest share of the category, with the state seeing new high-priced homes popping up faster than anywhere else. The city with the highest share of homes worth over $1 million was Anaheim, followed by San Diego, and Los Angeles.

Redfin attributed the increase in million-dollar houses to “record high” home prices. Even though price growth has eased slightly since the beginning of the year, home prices have been rising steadily on a year-over-year basis. This has pushed up the value of many homes to seven figures.

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