A real estate agent from Kamany Realty, (L) shows Rocio Marquez around a condo for sale in Miami.
Almost 1 in 10 homes in the U.S. now is worth $1 million or more. That’s the highest it’s ever been, according to a new Redfin study. The exact number is 8.5%. Where is the jump the highest? California. In San Jose and San Francisco, they found that 80% of the homes are valued at $1 million or more. So what about Florida? Yep, the number of million dollar homes in Florida is WAY up in every major city.
Million Dollar Homes in Florida: South Florida
This probably will not come as a big surprise. Miami is where you find those most expensive properties in Florida. In Miami, almost 15% of the homes (14.8% to be exact) were found to be valued at $1 million or more. That’s up 1.5% from just last year.
Not far behind Miami is West Palm Beach where 14.2% of homes are million dollar properties. Rounding out the top 3 (all in South Florida) is Fort Lauderdale where 7.7% of the real estate will set you back a million.
Closer to Home: The Tampa Number
Here in the Tampa area, we’re the priciest of the rest of the Florida big cities. Just over 5% of Tampa area homes are priced at $1 million and up. Jacksonville is right behind us at 4.6%. Looks like the cheapest big city is Orlando where only 3.6% of the homes are valued at $1 million.
Where do you find the cheap homes?
Willing to leave Florida? If you’re ok with ditching the beaches and palm trees, you’ll find it easier to find cheap real estate if you can deal with the snow life. Redfin says the percentage of million dollar homes is tiny in Detroit, Cleveland, Pittsburgh and Kansas City. None of those cities had more than 1% of homes valued at that $1 million price point. [Source: Redfin]
Hear Geno on the air weekday afternoons. Geno’s passions include fat guy food, concerts, sports, travel to Europe and South America, and old school music. Geno’s radio career began in his hometown of Portland, Maine. Since then he’s been on the air from Boston to Tampa to California.
