The Real Deal Los Angeles

Number of million dollar L.A. homes up 8% since 2012

Approximately 16.3 percent of all homes in L.A. County houses now cost $1M or more

May 20, 2016 09:30AM

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million dollar homes in los angelesMaybe “Million Dollar Listing” really is reality T.V.

Since 2012, the number of U.S. homes priced at or above $1 million has risen from 1.6 percent to 3 percent, according to a Trulia report.

In Los Angeles, the percentage of million dollar homes is rising at a particularly fast clip. Approximately 16.3 percent of all homes in L.A. County now cost $1 million or more, compared to 8 percent in 2012.

L.A. is ranked behind Orange County, Oakland, San Jose and, of course, San Francisco in terms of price growth.

San Francisco saw the largest increase— from 19.6 percent of million dollar homes in 2012 to 57.4 percent now.

But every metropolitan SoCal housing market, including Ventura County and San Diego, doubled their share of million dollar homes over the past four years, data show.

L.A. neighborhoodsPacific Colony in Torrance saw the most rapid growth in million dollar homes, with a whopping 81 percent increase in its share of such houses — from 13.8 percent in 2012 to 94.7 in 2016. [Trulia]Cathaleen Chen