A new report from Trulia says San Francisco has the highest share of million-dollar homes among major metropolitan cities in the United States. (Mike Koozmin/S.F. Examiner)

A new report from Trulia says San Francisco has the highest share of million-dollar homes among major metropolitan cities in the United States. (Mike Koozmin/S.F. Examiner)

Million-dollar homes on the rise in SF

Owning a million-dollar home in San Francisco is not so uncommon anymore.

In fact, the number of homes valued above the $1 million mark has more than doubled since 2010, giving San Francisco the highest share of million dollar homes — 58 percent — out of any other major metropolitan city in the U.S., according to a report released Thursday by San Francisco-based real estate website Trulia.

Some 63 percent of homes in San Francisco are now worth at least $1 million, according to the report. The report defines million-dollar homes as those valued at $1 million or more, regardless of whether the home is for sale.

Neighborhoods in The City with the largest share of million-dollar homes in 2010 included primarily areas already considered more expensive, like Pacific Heights, Noe Valley, Russian Hill, the Richmond and the Marina.

That year, neighborhoods where most homes were valued at below $1 million included the Sunset, Mission, South of Market and the Bayview.

But now even those neighborhoods have entered the million-dollar mark, with Bernal Heights, the Mission, Sunset and Parkside each now boasting more than 50 percent of their homes valued at more than $1 million. In fact, 80 percent of homes in the Mission and 95 percent of homes in the Central Richmond are worth more than $1 million.

Ralph McLaughlin, Trulia’s housing economist, said the million-dollar price tag marks a symbolic threshold often reserved to label a home expensive and out-of-reach by the average homebuyer.

“The quick spread of million dollar homes into neighborhoods where there were none five years ago represents both of the sheer wealth that exists in the region and also the extent to which housing supply problems can quickly exacerbate neighborhood change,” McLaughlin wrote in an email to the San Francisco Examiner.

Bernal Heights saw the greatest increase in homes valued at more than $1 million, with a 4.3 percent increase since 2010. Central Sunset at 3.65 percent and Parkside at 3.46 percent came next, with the Mission seeing a 2.97 percent increase in the same period of time.

Trulia_MillionDollarHomesSF

housingPlanningreal estateSan FranciscoTrulia

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

 

Million-dollar homes on the rise in SF

Just Posted

San Francisco Police Chief Bill Scott listens at a rally to commemorate the life of George Floyd and others killed by police outside City Hall on Monday, June 1, 2020. (Kevin N. Hume/S.F. Examiner)
Will the Biden Administration help SF speed up police reform?

City has struggled to implement changes without federal oversight

The SFMTA cut all but 17 bus lines in April last year due to the pandemic and has been slow to bring them back due to budget deficit and continuing low ridership. (Samantha Laurey/ Special to S.F. Examiner)
Supes urge SFMTA to expedite restoration of Muni lines

Resolution emphasizes focus on seniors, individuals with disabilities and community routes

Lowell High School (Kevin N. Hume/S.F. Examiner)
Students, families call for culture shift at Lowell after racist incident

District to explore changes including possible revision of admissions policy

Alan Wong was among California National Guard members deployed to Sacramento to provide security the weekend before the presidential inauguration. (Courtesy photo)
CCSF board member tests positive for COVID-19 after National Guard deployment

Alan Wong spent eight days in Sacramento protecting State Capitol before Inauguration Day

Due to a lack of votes in his favor, record-holding former Giant Barry Bonds (pictured at tribute to Willie McCovey in 2018) will not be entering the National Baseball Hall of Fame in the near future.<ins> (Kevin N. Hume/S.F. Examiner)</ins>
Ex-Giants star Barry Bonds again falls short of Hall of Fame

After striking out yet again in his bid to join Major League… Continue reading

Most Read