Real Estate Market 2023: 10 Cities With the Most Luxury Homes for Sale

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While living in a $1 million home is just a dream for many of us, for others, it’s a realistic goal or current reality. A recent GOBankingRates survey found that among current U.S. homeowners, 6% spent over $1 million on their home and among all Americans, 8% plan to spend over $1 million on their next home purchase.

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If you’re in the market for a $1 million-plus home, you’ll have more options in some cities than others. Point2 analyzed the shares of $1 million and over homes for sale in major cities across the U.S., and found that these 10 cities had the highest share of luxury homes on the market.

©Zillow

1. Los Angeles

• Median home price: $926,000

• Percentage of listings above $1 million: 63.6%

• Percentage of listings above $5 million: 11.6%

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©Zillow

2. San Francisco

• Median home price: $1.3 million

• Percentage of listings above $1 million: 62.1%

• Percentage of listings above $5 million: 7.2%

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©Zillow

3. San Jose, California

• Median home price: $1.24 million

• Percentage of listings above $1 million: 60.6%

• Percentage of listings above $5 million: 1.1%

©Zillow

4. San Diego

• Median home price: $910,000

• Percentage of listings above $1 million: 58.6%

• Percentage of listings above $5 million: 7.6%

©Zillow

5. Boston

• Median home price: $799,000

• Percentage of listings above $1 million: 53.1%

• Percentage of listings above $5 million: 9.4%

©Zillow

6. New York

• Median home price: $740,000

• Percentage of listings above $1 million: 40.9%

• Percentage of listings above $5 million: 7.4%

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©Zillow

7. Seattle

• Median home price: $830,000

• Percentage of listings above $1 million: 34.3%

• Percentage of listings above $5 million: 2.0%

©Zillow

8. Denver

• Median home price: $576,000

• Percentage of listings above $1 million: 27.3%

• Percentage of listings above $5 million: 0.7%

©Zillow

9. Washington, D.C.

• Median home price: $926,000

• Percentage of listings above $1 million: 26.0%

• Percentage of listings above $5 million: 11.6%

©Zillow

10. Austin, Texas

• Median home price: $550,000

• Percentage of listings above $1 million: 24.7%

• Percentage of listings above $5 million: 1.5%

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Data is sourced from Point2 and is accurate as of July 5, 2023.

Survey methodology: GOBankingRates surveyed 1,004 Americans ages 18 and older from across the country between May 26 and June 5, 2023, asking 19 different questions: (1) When do you expect to buy your next house?; (2) How much do you plan to spend on your next house?; (3) How much did you spend on your current house?; (4) How much (as a percentage of the home cost) did you put as a down payment?; (5) How much is your monthly mortgage payment?; (6) What is the most you are willing to spend on a monthly mortgage payment in your current financial situation?; (7) How long did it take to save for your down payment?; (8) When you bought your house, did you pay more than you originally planned/budgeted for?; (9) How much do you spend on yearly maintenance for your house?; (10) When buying your current house, which costs were more expensive than you expected? (Select all that apply.); (11) How much do you have saved in an emergency fund for house repairs/maintenance?; (12) What is holding you back from buying a house? (Select all that apply.); (13) How much did you spend on home renovations in the last year?; (14) Do you expect a housing market crash to happen in the next two years?; (15) Do you think that homebuying will become easier or harder over the next 10 years?; (16) Are you currently using real estate/buying properties as a way to build wealth?; (17) How much did you spend on your vacation home?; (18) Where would you most want a vacation home?; and (19) Which of these fast-growing big cities would you consider relocating to? GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

This article originally appeared on GOBankingRates.com: Real Estate Market 2023: 10 Cities With the Most Luxury Homes for Sale