According to LendingTree's analysis of the Census Bureau's 2023 American Community Survey, major US cities, particularly in California, like San Jose and San Francisco, top the list of areas with the most homes valued at $1 million or more. This surge in high-value properties is attributed to ongoing housing shortages and a strong demand driven by vibrant job markets and lifestyle appeal. However, local regulations and community opposition to new developments hinder the construction of new homes, exacerbating the supply issue and maintaining elevated home prices.
"Steep prices are often felt the most in large metros, where roadblocks such as overly strict zoning laws can make new construction difficult and exacerbate supply issues," Jacob Channel, a senior economist at LendingTree, said.
Cities such as San Jose, San Francisco, Los Angeles, and San Diego dominate with the most million-dollar homes due to limited housing supply and high demand.
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