As home prices continue to rise, it’s not unusual to see homes that might have been $700,000 to $800,000 a few years ago suddenly come in at a healthy $1 million or more — all over the country.
A new Trulia report analyzed home values nationally and found that the share of single-family homes with $1 million or more asking prices has grown 7.6 percent in the last year alone, and has doubled since 2012. Homes valued at $1 million or more now make up almost 4 percent of all the homes on the market.
“Over the past year, as prices continued to rise, the median home value in more than 100 neighborhoods crossed into $1 million territory,” Felipe Chacón, a housing economist for Trulia’s Housing Economics Research Team, said. “More than 3,000,000 U.S. homes are currently worth $1 million or more.”
Trulia took a look at these million dollar neighborhoods — where rising home values mean that the median home value in a neighborhood is more than $1 million. The report looked at 15,100 neighborhoods, and 838 of them now fit in that category.
But where are those neighborhoods? In short, the bulk of them are not in Texas, which probably is one of the reasons that despite a robust market, you’re still seeing the state as an attractive place to relocate.
About two-thirds of these neighborhoods are in California, where 29 percent of all neighborhoods fit the bill. In San Francisco alone, only 15 neighborhoods have median home values that are below seven figures.