S
outhern California has become increasingly expensive, with a record number of homes valued at $1 million or more. According to LendingTree's analysis of U.S. Census data, the five-county region had 1.08 million seven-figure homes last year, accounting for nearly 28% of the metropolitan inventory in Los Angeles, Orange, Riverside, San Bernardino, and San Diego counties. This growth is largely driven by rising prices and the construction of luxury homes.

    The number of million-dollar homes in Southern California has increased by 10% over the past year, with a total of 97,100 new additions between 2022 and 2023. Los Angeles and Orange Counties have seen the largest share of these high-end homes, making up 36% of all residences in these counties. In contrast, Northern California's luxury growth is slower, with only 34,500 million-dollar homes added last year.

    Across the nation, $1 million homes are relatively rare, comprising just 9% of all owner-occupied homes. The other 43 U.S. cities studied had a total of 3.75 million seven-figure homes out of 41.7 million, with an increase of 5% over the past year.