Million-dollar homes are becoming the norm in San Francisco.
According to real estate site Trulia, 57.4% of homes in the notoriously expensive Bay Area metro now have a value of $1 million or more.
In its recent report, Trulia looked at the share of million-dollar homes in the 100 largest US metro areas and how it’s grown over the past four years. It defined a million-dollar home as any home — regardless of whether it’s listed for sale or not — with a value of $1 million or more.
San Francisco saw one of the largest increases in share of seven-figure homes, going from 19.6% in May 2012 t0 57.4% in May 2016. That’s a 193% increase.
Trulia also looked at which specific San Francisco neighbourhoods have seen the largest increase in share: “While the neighbourhood with the largest increase over the past four years is actually in the City of San Francisco — Westwood Park — the other four of the top five are in the small suburb of San Mateo, which is sandwiched between job-rich San Jose and San Francisco,” the site wrote in its report.
You can get a better idea of the insane growth of million-dollar homes in the San Francisco area over the past four years by looking at this heat map: