Southern California has grown more expensive, with a million homes valued at $1 million or more.
The five-county region has 1.08 million seven-figure homes last year, the Orange County Register reported, citing figures from LendingTree, based on U.S. Census data.
Homes in the Million Dollar Club amounted to 28 percent of the 3.8 million metropolitan inventory in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties.
Rising prices and construction of luxury homes pushed the Southland across the million-home threshold.
“Million-dollar homes are becoming more common not just because wealthier buyers are more interested in making purchases, but because dwindling supply has pushed the price point of ‘middle-class’ housing higher and higher,” the LendingTree report said.
Southern California added 97,100 seven-figure homes between 2023 and 2022, a growth rate of 10 percent, double the non-California pace, according to the Register.
Million-dollar homes in Los Angeles and Orange Counties made up 36 percent of all homes, the third-largest share of the 50 U.S. metros tracked by LendingTree. metros tracked. The two counties were up 72,109 seven-figure homes, an increase of 10 percent.
Housing is even more expensive in Northern California, although the luxury growth is slower.
During the same period, San Francisco, San Jose, Sacramento and Fresno had 881,000 seven-figure homes out of 2.14 million, 41 percent of all residences, according to the LendingTree report.
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Yet Northern California last year added only 34,500 million-dollar homes, or 4 percent.
Across the nation, $1 million homes are rare, in comparison.
The other 43 U.S. cities in the study had 3.75 million seven-figure homes out of 41.7 million, or 9 percent of all owner-occupied homes. These non-California metros added 193,400 million-dollar homes last year, an increase of 5 percent.
— Dana Bartholomew