The Bay Area leads the nation in home sales priced at $1 million or more as a percentage of the market, with San Jose topping the list, according to a recent study.
In greater San Jose, 61 percent of homes sold for $1 million or more in 2020, according to the Inspection Support Network. The metro area made up of San Francisco, Oakland and Berkeley had the nation’s second-highest percentage of deals at or above $1 million, at 49 percent.
Low housing supply and high demand have made $1 million home listings common in a region unlikely to see declining home prices, even amid climbing mortgage interest rates.
In other California Metro areas:
Metro Los Angeles came in third and
San Diego placed fourth
Sacramento had 4 percent of homes in the metropolitan area sold at or above $1 million, placing it at No. 11.
Eight of the nation’s 10 metro areas with the overall highest percentages of $1 million home sales are in California, according to the report. All of the metro areas, which include Santa Cruz (37 percent), Los Angeles (28 percent) and San Diego (19 percent), are either in the Bay Area or along the state’s coast.
In Napa, the 25 percent of homes that sold above $1 million also had the highest median property value of the state’s top 10 areas — $1,545,000, in 2020.
The median property value in Greater San Jose was $1,455,000, in San Francisco-Oakland-Berkeley $1,425,000, and in Greater Los Angeles, $1,405,000.