Majority of California homes for sale are over $1 million: study

By Alexa Mae Asperin
Updated  July 12, 2023 3:20pm PDT
KTVU FOX 2 San Francisco

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 …

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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.

A home compound on Carbon Beach also known as Billionaire's Beach in Malibu (Al Seib / Los Angeles Times via Getty Images)
A father, with his two children, takes photographs on Miramar Beach. Montecito, on the Pacific Ocean, is a wealthy beach community along California's Pacific Coast highway. Oprah Winfrey, Rob Lowe, Ellen DeGeneres and Drew Barrymore, among others, own homes there. The real estate is among the most expensive in the U.S. (Photo by ANDREW HOLBROOKE/Corbis via Getty Images)

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.