Back in February, the share of homes in the U.S. worth at least $1 million fell to a 12-month low. But as the weather warmed, so did the affluent part of the housing market.
Housing prices in general are rising again, but are increasing especially fast on high-end homes. As a result, 8.2% of all U.S. homes are now worth $1 million or more, according to a recent analysis of the 99 most populous U.S. metro areas by real estate brokerage firm Redfin.
That is just a bit below the record high of 8.6% in June 2022.
In the following markets, the share of homes worth $1 million is growing at a more rapid pace than in any other large metro area.
1. Bridgeport, Connecticut
Share of homes in this metropolitan area that are worth at least $1 million as of:
- June 2023: 25.8% (which reflects an increase of 2.74 percentage points year over year)
- June 2022: 23.1%
Bridgeport is Connecticut’s largest city. It’s also the birthplace of the Frisbee. In 1920, students at Yale University in nearby New Haven grabbed empty pie plates from Mrs. Frisbie Pies in Bridgeport and sailed them across the New Haven Green. Thus, the Frisbee was born.
2. Boston
Share of homes in this metropolitan area that are worth at least $1 million as of:
- June 2023: 21.5% (which reflects an increase of 1.18 percentage points year over year)
- June 2022: 20.3%
Boston began as a town in 1630 and officially grew into a city in 1822. It is the economic and cultural heartbeat of New England.
3. Newark, New Jersey
Share of homes in this metropolitan area that are worth at least $1 million as of:
- June 2023: 9.7% (which reflects an increase of 1.02 percentage points year over year)
- June 2022: 8.7%
Newark was a major manufacturing center during the 19th century. A century later, its international airport became one of the busiest in the world.
Other cities with a growing share of $1 million homes
Other markets where the share of million-dollar homes is growing fast are:
- Miami: Up 0.97 percentage points
- Montgomery County, Pennsylvania: 0.88 percentage points
- New Brunswick, New Jersey: 0.84 percentage points
- Nassau County, New York: 0.73 percentage points
- Charleston, South Carolina: 0.73 percentage points
- Worcester, Massachusetts: 0.66 percentage points
- Fort Lauderdale, Florida: 0.54 percentage points
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