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

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