Areas of affluence. Cities synonymous with luxurious lifestyles and the real estate to match. And even before you keep up with the Joneses, you have to pay seven figures just to live next door to them.
Across the country, lenders originated just under 126,000 mortgages over $1 million in 2025, according to the most recent Home Mortgage Disclosure Act (HMDA) data. While you can find million-dollar listings almost anywhere, most of that volume concentrated along expensive coastal markets, where a higher number of properties come with lofty price tags.
Among the top metropolitan statistical areas (MSAs), “coastal elites” occupied the first nine spots on the list and accounted for 53% of 2025’s purchase mortgages over $1 million.
Perhaps unsurprisingly, Los Angeles (15,027 originations; 11.97% market share) and New York (12,957; 10.32%) led the way, and were the only locales to have both 10,000+ loans and a double-digit market share.
Next came the California Bay Area’s tech stars, San Francisco (9,674; 7.7%) and San Jose (6,065; 4.83%). The Emerald City of Seattle rounded out the top five (5,834; 4.65%). At tenth, Dallas (2,754; 2.19%) is the first non-ocean-adjacent metro to make the list. Meanwhile, a total of 7,309 million-dollar originations came outside defined MSAs.
Top 25 Metropolitan Areas for Mortgages Completed Over $1 Million in 2025
To find the top metropolitan statistical areas by purchase mortgages above $1 million, Mortgage Research Network analyzed the latest HMDA data and found 2,527 lenders originated 125,562 owner-occupied, secondary residence, or residential investment property loans in 2025.
We then compiled a list of the year’s top 25 metros ranked by $1 million+ purchase loans completed.
As a whole, this collection of mortgages had a median loan amount of $1,315,000; a median property value of $1,775,000; and a median borrower income of $482,000.
| Rank | Metropolitan Statistical Area | $1M+ Originations | MSA Market Share |
|---|---|---|---|
| 1 | Los Angeles-Long Beach-Anaheim, CA | 15,027 | 11.97% |
| 2 | New York-Newark-Jersey City, NY-NJ | 12,957 | 10.32% |
| 3 | San Francisco-Oakland-Fremont, CA | 9,674 | 7.70% |
| 4 | San Jose-Sunnyvale-Santa Clara, CA | 6,065 | 4.83% |
| 5 | Seattle-Tacoma-Bellevue, WA | 5,834 | 4.65% |
| 6 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 5,085 | 4.05% |
| 7 | Boston-Cambridge-Newton, MA-NH | 4,572 | 3.64% |
| 8 | San Diego-Chula Vista-Carlsbad, CA | 4,081 | 3.25% |
| 9 | Miami-Fort Lauderdale-West Palm Beach, FL | 3,774 | 3.01% |
| 10 | Dallas-Fort Worth-Arlington, TX | 2,754 | 2.19% |
| 11 | Chicago-Naperville-Elgin, IL-IN | 2,327 | 1.85% |
| 12 | Phoenix-Mesa-Chandler, AZ | 2,284 | 1.82% |
| 13 | Atlanta-Sandy Springs-Roswell, GA | 1,946 | 1.55% |
| 14 | Houston-Pasadena-The Woodlands, TX | 1,944 | 1.55% |
| 15 | Denver-Aurora-Centennial, CO | 1,800 | 1.43% |
| 16 | Nashville-Davidson--Murfreesboro--Franklin, TN | 1,605 | 1.28% |
| 17 | Charlotte-Concord-Gastonia, NC-SC | 1,349 | 1.07% |
| 18 | Bridgeport-Stamford-Danbury, CT | 1,329 | 1.06% |
| 19 | Austin-Round Rock-San Marcos, TX | 1,293 | 1.03% |
| 20 | Riverside-San Bernardino-Ontario, CA | 1,068 | 0.85% |
| 21 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 1,052 | 0.84% |
| 22 | Urban Honolulu, HI | 1,036 | 0.83% |
| 23 | Tampa-St. Petersburg-Clearwater, FL | 972 | 0.77% |
| 24 | Charleston-North Charleston, SC | 884 | 0.70% |
| 25 | Sacramento-Roseville-Folsom, CA | 767 | 0.61% |
$1 Million Loan Trends
Zooming out to the bigger picture, the proportion of $1 million purchase originations followed a general uptrend over the last decade.
The market share of million-dollar mortgages almost tripled from 2018 to 2025. That increased ratio is due both to typical property value gains over time and the price growth spike driven by the Covid-era’s historically low interest rates.
The table below shows a yearly analysis of 1-4 unit owner-occupied, secondary residence, or residential investment purchase originations from 2018 to 2025:
| Year | $1M+ Mortgages | All Mortgages | $1M+ Market Share | $1M+ YoY Growth |
|---|---|---|---|---|
| 2018 | 57,917 | 4,327,854 | 1.34% | |
| 2019 | 63,626 | 4,498,116 | 1.41% | 9.86% |
| 2020 | 81,224 | 4,904,057 | 1.66% | 27.66% |
| 2021 | 143,663 | 5,377,378 | 2.67% | 76.87% |
| 2022 | 137,051 | 4,352,135 | 3.15% | -4.60% |
| 2023 | 94,519 | 3,439,044 | 2.75% | -31.03% |
| 2024 | 109,660 | 3,517,861 | 3.12% | 16.02% |
| 2025 | 125,562 | 3,570,885 | 3.52% | 14.50% |
Further, the number of lenders originating $1M+ mortgages went from 1,856 in 2018 to 2,531 in 2025, good for a seven-year growth rate of 36.4%. The median loan amounts rose from $1.295M to $1.315M (1.5% over seven years); median property values from $1.755M to $1.775M (1.1%); and median incomes from $430K to $482K (12.1%).
Overall, active lenders went from 5,493 in 2018 to 4,573 in 2025 (-16.7%). The median loan amounts grew from $215K to $305K (41.9%); median property values from $255K to $385K (51%); and median incomes from $84K to $115K (36.9%).
Based on these numbers, price growth surged at more affordable entry points, where demand boiled (and still boils) over. Meanwhile, the upper end of the housing market sustained a comparatively stagnant pace, with higher listing prices naturally narrowing the pool of prospective borrowers.
Best Loan Types for High Loan Amounts
If your house-hunting price baseline starts in the millions, it’s good to know what mortgage options you may have to choose from — and what lenders do the most deals in that range.
Under the Federal Housing Finance Agency (FHFA)’s 2026 loan limits, you can potentially secure a $1M+ conventional mortgage for 2-4 unit properties anywhere in the country, or a 1-unit within high-cost areas (ex. San Diego County, Calif.) or special exception areas (ex. Hawaii).
Though rare, it’s possible to get a Federal Housing Administration (FHA)-backed mortgage for a 4-unit property under the standard FHA loan limits, or 1-4 units in those high-cost or special exception areas.
Above those lending limits, you’ll likely be applying for a jumbo mortgage. Jumbo mortgages are considered non-conforming loans since they don’t adhere to the FHFA’s dollar restrictions. Whether a jumbo loan makes sense depends on your down payment percentage, credit score, and area’s borrowing ceiling.
Since these larger mortgages carry more risk due to their size, jumbo lenders typically require at least 10% down (versus 3% for conventional), a credit score above 680 (vs 620), and may even ask for you to have six months of mortgage payments in reserve (vs two months).
Outside the above scenarios, you can look into hard money loans. These loans are often used for real estate investments or when you can’t qualify for a traditional mortgage. Hard money lenders base their approval decisions on the property’s potential value instead of the borrower’s financial profile.
While they have faster approval processes and alternative underwriting standards, they’re meant for short-term borrowing since they come with briefer repayment terms and higher interest rates. Before locking into a hard money loan, you should figure out if you qualify for a conventional refinance or have a plan to sell the property before the repayment terms end.
Choosing the Right Lender for You
Whether you’re a first-time homebuyer or returning borrower, the right lender will be based on your preferences. Shopping around can help you leverage the best terms, ultimately allowing you to spend less money over the life of the loan.
If you’re shopping for homes above $1 million, it could make sense to find a lender that does a lot of business in your price range, since their experience may provide deeper knowledge around underwriting and possible negotiation options.
When you’re ready, contact a lender in your area to begin.
All figures based on 2025 Home Mortgage Disclosure Act (HMDA) data provided by the Consumer Financial Protection Bureau (CFPB) and accessed April 17, 2026, through PolygonResearch.com HMDAVision.
