Philadelphia ranks 31st among the 50 U.S. cities with the most million-dollar real estate listings

Philadelphia is on the lower end of the list. Pittsburgh is even lower, ranking 49th. Rust Belt cities, with median values below $200,000, dominate the 10 places with the smallest concentration of million-dollar homes.

Many of Philadelphia's highest priced homes are along one of the city's squares.Read moreDAVID MAIALETTI / File Photo

by Shannon Rooney, Real Estate Blogger

Published July 24, 2018, 5:00 a.m. ET

After examining more than 155 million property values in the United States, LendingTree.com compiled a list of the cities with the largest share of million-dollar homes. Of the top 50, Philadelphia finished 31 in the nation.

The densest share of $1 million homes — at more than 53.8 percent — is in San Jose, California, number crunchers at the mortgage lender found. Analysts inferred that the housing prices there followed the tech boom, leading to a city where the median home value was $1,069,000. The second and third highest-rated cities are also in California (San Francisco and Los Angeles).

At spot 31, Philadelphia is on the lower end of the list. Pittsburgh, on the other side of the commonwealth, ranks 49th. That city, where 0.17 percent of the homes are valued over $1 million, is second only to Buffalo at the very bottom of the list.

Some other highlights of the report:

Most cities in the top 10 are on the coasts (with the exception of Denver).
The cities in the top 10 have expensive housing markets in general — all with median values above $300,000, except for Miami.
Rust Belt cities, with median values below $200,000, dominate the 10 places with the smallest concentration of million-dollar homes.