Number of million-dollar homes in Richmond tripled since 2020

Roughly 2.2% of homes are worth at least $1 million in the Richmond metro area, up from 1.9% a year ago, per a new report from Redfin.

• That's more than triple the percentage of Richmond homes that were worth a million or more in 2020.

Why it matters: Low inventory is pushing up prices nationwide and sending more homes into seven-figure territory.

The big picture: Nearly 1 in 10 U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, the real estate brokerage found.

• Virginia's slice of million-dollar houses has risen 3.2 percentage points since pre-pandemic June 2019, data shared with Axios shows.

Zoom out: Prices are largely dictated by local markets. The portion of homes worth at least that much was up slightly compared to June 2022 in 55 of the 99 most populous U.S. metros, according to Redfin.

• Parts of New England gained million-dollar homes fastest, but San Francisco posted the highest share at more than 81%.