Nationwide, a record 8.2% of U.S. homes were valued at $1 million or more in February, according to a new report from real estate brokerage Redfin
In San Francisco, 88.7% of homes were worth at least $1 million in February—the highest share among the 100 most populous metropolitan areas. Next came five more California metros: San Jose , Anaheim , Oakland , San Diego and Los Angeles . Rounding out the top 10 were Honolulu , Seattle , New York City and Oxnard, California .
The Bay Area has long been the most expensive place to buy a home in the U.S., and has become even less affordable during the pandemic. The median sale price in both San Francisco and San Jose was $1.4 million as of January, up 5% and 13% year over year, respectively. While prices in San Francisco have climbed at a slower clip than the country as a whole, it’s notable that the area continues to see price gains despite an exodus of residents.In Elgin, Illinois, just 0.
Anaheim has grappled with an especially severe housing shortage, which has contributed to the surge in prices. The number of homes for sale in the metro plummeted 42.5% year over year in January—a larger drop than all but one metro Redfin analyzed. It was also the third most competitive metro based on the share of homes selling above their list price .
“House hunters in Anaheim are regularly competing with dozens of other people,” said local Redfin real estate agent Linda Tessitore. “In the past month, I helped one buyer compete against 42 bidders and another compete against 26. Low mortgage rates and a lack of inventory are the main factors driving the surge in bidding wars and prices.”
Tessitore added, “This week, one of my buyers offered $1.57 million for a Costa Mesa home listed at $1.5 million. The seller came back and said they’d need to offer at least $1.75 million to compete. My client opted to look elsewhere because they couldn’t afford to go $200,000 over their budget for an 1,100 square-foot home. I’m starting to see buyers widen their searches to cities like Corona, Temecula and Riverside.
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