Even the 1% among us cannot escape the chilly winds blowing across the nation’s cooling housing market.
The share of homes in the U.S. worth at least $1 million has fallen to 7%, down from 8.6% last June, according to a Redfin analysis.
That is still up significantly from just before the pandemic, when the percentage was 4.2%. But it indicates that few areas of the housing market have been able to avoid the slowdown that has resulted from sharply higher mortgage rates.
Rich homeowners aren’t licking their wounds in every city, however. In a handful of markets, the share of homes worth $1 million or more is actually increasing. Following is a list of those places.
1. Miami
Share of homes in this metropolitan area that are worth at least $1 million as of:
- January 2023: 14.4% (which reflects an increase of 2.9% year over year)
- January 2022: 11.5%
People poured into Florida during the pandemic, and that fact probably is help pushing prices higher in Miami.
The city is poised to be one of “The Top 10 Housing Markets for 2023, According to Zillow.”
2. North Port, Florida
Share of homes in this metropolitan area that are worth at least $1 million as of:
- January 2023: 11.3% (which reflects an increase of 2.2% year over year)
- January 2022: 9.1%
Another Florida city takes the No. 2 spot on this list, despite the fact that North Port took a heavy blow from Hurricane Ian last fall on the state’s Gulf Coast.
Just a caution before you pack your bags and head south: North Port is among the U.S. cities expected to feel the largest impact from climate change.
3. Anaheim, California (tie)
Share of homes in this metropolitan area that are worth at least $1 million as of:
- January 2023: 54.2% (which reflects an increase of 2% year over year)
- January 2022: 52.2%
Anaheim long has attracted the well-heeled, so it’s probably no surprise to find it on this list.
Despite Anaheim’s sterling reputation, it still made the list of “15 Cities With the Largest Drop in Home Sales in 2022.”
3. Nashville, Tennessee (tie)
Share of homes in this metropolitan area that are worth at least $1 million as of:
- January 2023: 8.4% (which reflects an increase of 2% year over year)
- January 2022: 6.4%
Nashville is another city that has been attracting new residents in recent years. Music City is also among the “The 15 Most Stable U.S. Housing Markets.”
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Other cities with a growing share of $1 million homes
Other markets where the percentage of million-dollar homes is growing are:
- West Palm Beach, Florida: Up 1.7%
- Fort Lauderdale, Florida: 1.7%
- Charleston, South Carolina: 1.6%
- New Brunswick, New Jersey: 1.6%
- Bridgeport, Connecticut: 1.5%
- Newark, New Jersey: 1.3%
- Raleigh, North Carolina: 1.1%
- Jacksonville, Florida: 1%