RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

The Bay Area Leads U.S. in $1 Million Home Sales, and No Other Region Is Even Close

Home Agents
By Ricardo Cano
May 2, 2022
Reading Time: 2 mins read
The Bay Area Leads U.S. in $1 Million Home Sales, and No Other Region Is Even Close

(TNS)—No other region in the nation has seen more home sales of $1 million or higher than the Bay Area, and it’s not even close.

Low housing supply and high demand have made $1 million home listings common in a region unlikely to see declining home prices, even amid climbing mortgage interest rates. But a recent report examining U.S. metropolitan areas with the highest percentages of $1 million home sales puts the soaring home prices of the Bay Area and California into sharp relief.

Metropolitan San Jose, where 61% of homes sold for $1 million or more in 2020, came at the top of the list compiled by the Inspection Support Network. At 49%, the metro area comprised of San Francisco, Oakland and Berkeley had the nation’s second-highest percentage of homes that sold at or above $1 million.

In fact, California represented four of the top five priciest large metro areas with more than 1 million residents. Metro Los Angeles and San Diego came in third and fourth, respectively, followed by Seattle, where about 15% of home sales went for $1 million or more during the first year of the pandemic. About 4% of homes in the Sacramento metropolitan area sold at or above $1 million, placing it at No. 11.

Overall, more than 1 in 5 homes in California sold for more than $1 million, according to the report. Only Hawaii (17.5%) and Massachusetts (10%) had double-digit percentages of $1 million home sales.

The report used federal data from the Home Mortgage Disclosure Act to rank regions with the highest proportion of $1 million home sales. The analysis included only conventional, home purchase loans that originated in 2020, the most recent year for which there’s available data. The report’s data only shared the percentage of homes sold at or above $1 million, not the total number of homes sold in this price range.

Eight of the nation’s 10 metro areas with the overall highest percentages of $1 million home sales are in California, according to the report. Each of these metro areas, which include Santa Cruz (37%), Los Angeles (28%) and San Diego, are either in the Bay Area or along the state’s coast.

In Napa, the 25% of homes that sold above $1 million also had the highest median property value of the state’s top 10 areas—$1,545,000, in 2020. Like other regions, the Wine Country enclave saw overall median home sale prices rise during the pandemic, from $600,000 in January 2020 to $900,000 in March, according to Zillow.

Despite becoming an increasingly common price point in the Bay Area, the report also illustrated how uncommon $1 million home sales remain in California’s inland communities.

For example, homes priced at $1 million or above accounted for less than 1% of total home sales in places such as Stockton, Fresno and Bakersfield.

(c)2022 the San Francisco Chronicle
Distributed by Tribune Content Agency, LLC.

Tags: Bay Area Real EstateCalifornia real estateLuxury Real Estate
ShareTweetShare

Ricardo Cano

Related Posts

Becoming the Broker of Choice
Agents

Becoming the Broker of Choice

May 26, 2022
3 Key Factors for Identifying the Right Brokerage
Agents

3 Key Factors for Identifying the Right Brokerage

May 26, 2022
Window to the Law: How a .realtor Web Address Can Set You Apart
Agents

Window to the Law: How a .realtor Web Address Can Set You Apart

May 26, 2022
HUNT Real Estate Expands CNY Market Share With Acquisition of Procopio Real Estate
Agents

HUNT Real Estate Expands CNY Market Share With Acquisition of Procopio Real Estate

May 26, 2022
Reformers See Opening to Address Racist Appraisals
Agents

Reformers See Opening to Address Racist Appraisals

May 25, 2022
Buzzing 2021 Market Helps Real Estate Companies Join the Fortune 500
Agents

Buzzing 2021 Market Helps Real Estate Companies Join the Fortune 500

May 25, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

Why You Need a Real Estate CRM

Discover how a real estate client relationship management tool can get you organized and maximize your lead generation, so you... Learn more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Becoming the Broker of Choice
  • 3 Key Factors for Identifying the Right Brokerage
  • Window to the Law: How a .realtor Web Address Can Set You Apart

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.