Approximately 33% of all homes in the Seattle area were worth at least $1 million in June. While that’s down from 39% a year ago, it’s still significantly higher than than the national average — only one in 10 U.S. homes are valued that high.

According to a report from Axios Seattle, low inventory is pushing more and more homes into the seven-figure territory across the country. Seattle’s share, however, has likely dropped due to the overall reduction of inventory across all price points.

That doesn’t mean Seattle isn’t still a pricey area to live — 7% of all homes sold in King County this year have had a price tag of over $2 million. Furthermore, in Washington, the proportion of $1 million homes rose 10% from June 2019 to June 2023.

Essentially, $1 million won’t buy you a luxury Seattle home anymore — not when the median home price is already $793,000, like it is in King County. For comparison, the typical national home value is $349,679.