With housing prices continuing to climb, and the housing shortage steadily creeping forward, more metros are seeing a significant majority of their homes hit the million dollar mark. And while that doesn’t necessarily mean homebuyers get less for more, it does mean that “affordable” housing in certain highly desired areas of the country might come with an extra zero on its price tag.
Realtor.com recently released their ranking of the top 10 cities with the most new million dollar homes. In more than 900 metro areas, they compared the number of homes costing at least $1 million in 2017 to the number of homes that cost at least $1 million in 2014—the difference indicated how much growth was measured. They also limited the number of cities per state included in the list to two in order to have a more diverse, national list.
Number one on the list was Denver, Colorado. In 2014, Denver had 3.3 percent of its homes worth over $1 million or more—in 2017, the share of million dollar hoes was 9.4 percent, an increase of 6.1 percent. That’s just a 10th of a percentage point above Santa Rosa, California, a metro that saw million-dollar growth sitting at 6.0 percent, up from 8.1 percent in 2014 to 14.1 percent in 2017.
Boulder, Colorado, a suburb 40 minutes outside of Denver proper, landed the number three spot, with 5.7 percent growth in the last three years from 9 percent to 14.7 percent. Colorado and California were the only two states to feature two cities on Realtor.com's list—the latter being Truckee, California, with a 5.3 percent increase: from 7.1 percent to 12.4 percent.
Other major metropolitan areas to make the list were: Boston, Massachusetts (3.1 percent growth); Seattle, Washington (2.4 percent growth); Santa Fe, New Mexico (2.3 percent growth); and Charleston, South Carolina (2.1 percent growth).
The other two cities that made the list but weren't located in major cities were Fredericksburg, Texas, at number five, with 3.9 percent growth from a 9.8 percent share to a 13.6 percent share; and, Heber, Utah, at number six, with a 3.7 percent growth from 6.8 percent to 10.5 percent.