The most million-dollar homes

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Where are the most million-dollar homes?

• San Jose leads the U.S. with 72% of homes valued over $1 million, followed by San Francisco at 57%, with median home values at $1.4M and $1.1M, respectively. Los Angeles (36%) and San Diego (35%) also rank high, reflecting California's dominance in luxury housing.

• The wealth concentration from tech and entertainment industries, along with limited inventory, drives California's high share of million-dollar homes. Across the four California metro areas, 44% of homes sell for at least $1 million.

• In contrast, Cleveland has the lowest median home value at $217,300, with only 1% of homes exceeding $1 million. Buffalo and Louisville share similar trends, underscoring affordability in these markets.

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Office sector turns in strongest leasing quarter in 5 years link

• Office leasing activity reached its highest level since pre-pandemic, driven by better return-to-office trends and economic growth. Suburban markets saw a larger share of leasing activity, while renewals also rose compared to new leases.

• Urban central business districts remain highly impacted, with availability at 25.9%, significantly higher than pre-pandemic levels. Suburban availability, though slightly better at 25.3%, also reflects post-pandemic challenges in space usage.

• Sublease space declined for the fourth straight quarter to 164.7 million square feet, especially in tech hubs like San Jose and San Francisco. Office inventory is shrinking in Baltimore, Phoenix, and suburban Chicago due to conversions, but other markets like Nashville saw a 10.4% growth in inventory.

Metro where rents have fallen the most link

• The median asking rent across the 50 largest metros dropped to $1,720 in October 2024, down $40 from its peak in August 2022. Studio and one-bedroom apartments led the declines with year-over-year drops of 1.2% and 0.9%, respectively.

• Multifamily housing completions surged 36.1% nationally between January and September 2024, with the South leading at a 49.1% increase compared to the same period in 2023. The region also saw a 76.6% rise in completions versus pre-pandemic levels.

• Sun Belt cities like Miami, Austin, and Memphis experienced notable rent declines of 1.3%, 4.2%, and 5.4% respectively. Overall, rents in the South are cooling as housing supply expands, easing affordability pressures.

Home sales sink across Florida amid hurricane recovery, surging HOA and insurance costs link

• Pending home sales dropped the most in Florida metros, with Fort Lauderdale seeing a 15.2% decline, followed by Miami (-14%) and West Palm Beach (-13.8%). Tampa showed some recovery, moving from a 32.2% drop in late October to just -7.2% by mid-November.

• Frequent natural disasters, including Hurricanes Helene and Milton, have exacerbated Florida's housing slowdown. High HOA fees, soaring insurance costs, and post-Surfside condo regulations are discouraging buyers, especially for condos, with some listings sitting for over a year.

• Affordability challenges persist despite significant homebuilding in Florida. Pandemic-era price spikes, elevated property taxes, and first-time buyer hesitation due to economic uncertainty continue to weigh on demand.

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Vidit

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