Share
© Hoxton/Tom Merton - Hoxton/Getty Images
Million-dollar homes are not too uncommon in some markets, making them prime areas for real estate professionals to build a luxury real estate niche.
Where are million-dollar houses most prevalent? The four areas with the highest percentage of million-dollar homes are in California, driven by a high concentration of wealth originating in the tech and entertainment industries, a new study from LendingTree notes. In San Jose, Calif., 47% of homes are valued at $1 million or more in the metro area. Buffalo, N.Y., had the smallest share of million-dollar homes in the nation at just 0.54%, according to a new study from Lending Tree, which analyzed Census data to look at the share of million-dollar homes in the nation’s 50 largest metros.
Read more on the latest news from the luxury market:
How Much Home Is Too Much for Luxury Buyers?
Million-Dollar Home Sales Outpace Those in Other Price Points
Meet 3 Types of Buyers Influencing Luxury Real Estate
Are Some Luxury Buyers Blowing Their Budget?
Bypassing the Starter Home: Delayed First-Time Buyers Are Going Big