A record share of U.S. homes are worth $1 million or more. See which cities have the most.

A $1 million price tag on a U.S. home may no longer indicate a luxury property. Today, nearly one in 10 U.S. homes are worth at least $1 million, with tight supply driving prices up to record highs across the nation, according to a new Redfin report on home prices. 

The share of homes worth at least $1 million now stands at a record 8.5%, a jump of more than 7% from a year ago. The proportion of million-dollar-plus homes has more than doubled since the pandemic, as prior to 2020 only about 4% of properties crossed that threshold, according to Redfin. 

Surging home prices across the U.S. are behind the sharp increase in the number of $1 million properties, according to Redfin. In June, the median home sale price nationwide rose 4% to $442,525, compared to a year earlier.