San Francisco Bay Area tops list of places with jump in million-dollar homes

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SAN FRANCISCO, CA – JUNE 13: A view of homes and apartments on June 13, 2018 in San Francisco, California. According to a new survey by the National Low Income Housing Coalition, renters in San Francisco need an income of $60 per hour to afford a two bedroom apartment in the city. San Francisco is […]

Most of the homes in the San Francisco Bay Area are million dollar homes — surprised? 

We’re not! 

According to a recent report from housing website Trulia, 81 percent of homes in the metro San Francisco area cost $1 million or more. 

That’s an increase of 13.7 percent since Oct. 2017. 

The housing market with the biggest increase in million dollar homes, however, was our good neighbor San Jose, with a 14.3 percent increase since 2017. 

This year, 70 percent of homes in San Jose are worth $1 million or more. 

Oakland rounded out the top three housing markets with the biggest increase, clocking in at a 5.8 percent increase.

Close to 31 percent of homes in Oakland are worth $1 million or more. 

Here’s the rest of the top 10: 

1. San Jose, CA

2. San Francisco, CA

3. Oakland, CA

4. Honolulu, HI

5. Orange County, CA

6. Los Angeles, CA 

7. San Diego, CA 

8. Seattle, WA 

9. Ventura County, CA 

10. Long Island, NY 

To get these results, Trulia ranked 100 US metro areas by how fast they are adding million-dollar homes every year. 

Trulia also found that although million-dollar homes seem common in the Bay Area, it’s actually rare. 

Just 3.6 percent of all homes nationwide are worth $1 million, according to the report. 

This spike in San Francisco’s housing prices has happened rather quickly. 

In 2012, as the US was still recovering from the 2007-09 recession, just 24 percent of San Francisco homes were worth $1 million or more.

That spiked to 34.7 percent by 2013 and continued to increase until 2018.

Something of the same happened in San Jose. 

In 2012, just 21.7 percent of homes there cost $1 million or more.

That jumped to 27.6 percent in 2013, 32.1 percent in 2014 and continued to rise until 2018, when 70 percent of homes in the city are now worth $1 million or more.

>> Click here to see the full report. 

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