Majority of California homes for sale are over $1 million: study
390747 03: (FILE PHOTO) The home of Cher is seen from the air June 18, 2001 in Malibu, CA. Cher has put her ocean side mansion on the market it was announced August 12, 2201, for the asking price of 25 million dollars. (Photo by Jason Kirk/Getty Imag
LOS ANGELES - Majority of the homes for sale in California are over $1 million, according to a new study, with four California cities ranking among the top 5 places in the U.S. selling homes over that price tag.
A recent analysis by real estate website Point2Homes looked at home listings in 30 of the largest U.S. markets among the 100 most populous cities in the country, with at least 500,000 people, to see which cities have the highest proportions of homes with million-dollar price tags.
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Los Angeles took the top spot, home to the highest share of million-dollar listings with nearly 64% of its homes for sale at $1 million or more.
LA has the highest share of homes listed at over $5 million, the analysis found, with "ultra-luxury" properties making up nearly 12% of listings.
The study found the median price among homes sold in May 2023 was $926,000.
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Here's the top 5:
1. Los Angeles
- Percentage of listings above $1 million: 64%
- Percentage of listings above $5 million: 12%
- Median home sale price: $926,000
2. San Francisco
- Percentage of listings above $1 million: 62%
- Percentage of listings above $5 million: 7%
- Median home sale price: $1.3 million
3. San Jose
- Percentage of listings above $1 million: 61%
- Percentage of listings above $5 million: 1%
- Median home sale price: $1.2 million
4. San Diego
- Percentage of listings above $1 million: 59%
- Percentage of listings above $5 million: 8%
- Median home sale price: $910,000
5. Boston
- Percentage of listings above $1 million: 53%
- Percentage of listings above $5 million: 9%
- Median home sale price: $799,000
Mid-sized and small cities were ranked separately.
In those lists, three Southern California cities — Glendale, Huntington Beach and Oxnard — topped the mid-size city rankings.
To see the full study, tap or click here.