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A study shows which cities have the biggest share of million-dollar homes. See where Boston landed.

Luxury News
A surge of new construction is adding hundreds of luxury condos to the Boston market.
Ryan Breslin / Boston.com

Metro Boston may not have the highest share of million-dollar homes in the United States, but it is in the top 10, according to a study an online mortgage company released Monday.

The region ranked seventh, with 8.57 percent of its housing stock valued at $1 million or more, according to LendingTree. The company defines the Boston area as Norfolk, Plymouth, Suffolk, Essex, and Middlesex counties, as well as Rockingham and Strafford counties in New Hampshire.

Overall, Boston has more than 1.1 million housing units, and 96,432 are valued at $1 million-plus, the study said. The metro’s median value for owner-occupied homes is $464,600.

“Ultimately, our study shows that while million-dollar homes are uncommon throughout most of the country, they comprise a significant share of homes in some metros,” the company said in a news release. “Furthermore, our study also highlights the notable spread in home prices across the nation’s 50 largest metros.”

Nationally, just 5.86 percent of owner-occupied homes cross the seven-figure threshold in the country’s largest cities, the study said.

San Jose occupied the top spot: 56.46 percent of the city’s owner-occupied homes are valued at $1 million-plus. The city’s median home value is also above that mark at $1,091,100, according to the study.

Filling out the top five, in order, are San Francisco, Los Angeles, San Diego, and Seattle. Sixth place belonged to New York City.

The cities with the lowest shares of seven-figure real estate are Cincinnati, Buffalo, Pittsburgh, Cleveland, and Columbus, Ohio.

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