Million-dollar homes aren’t so uncommon anymore.
The last two years have pushed housing prices up. As a result, homes valued at $1 million or more have become more common throughout much of the U.S., according to a new LendingTree study.
High-value real estate isn’t reserved for the towns with the largest populations. On average, million-dollar homes are more common in the nation’s most expensive towns than in its largest metros, according to the survey.
The report found that:
- Million-dollar homes aren’t common in most towns. An average of only 5.36% of the owner-occupied homes in the nation’s 50 most expensive towns are valued at $1 million or more. But that’s higher than the nation’s 50 largest metros, where an average of only 4.71% of homes are worth $1 million or more.
- Not all towns have an equal share of million-dollar homes. Vineyard Haven, Mass. has a 30.58%, share the town with the highest share of million-dollar homes, but Fernley, Nev. only has a 0.09% share.
- Vineyard Haven is a vacation town, so this makes sense. The other two towns with the largest share are also destination towns: Jackson, Wyo., and Edwards, Colo. An average of 25.51% of homes in these three towns are worth $1 million or more, the report showed.
- Of the 10 towns with the most million-dollar houses, four are in Colorado.
- On the low end of the scale, along with Fernley, Nev., Cedar City, Utah, and Pullman, Wash., are the towns with the smallest share of homes worth $1 million or more.