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A record number of homes in the United States are worth $1 million or more and Boston’s share increased year-over-year.

According to analysis from Redfin, 8.5 percent of homes (8.02 million homes) in the United States are worth $1 million or more which is the highest it has ever recorded.

Greater Boston Boston has also seen an increase in $1 million homes. Analyzing data from June 2023 and 2024, Redfin reported a year-over-year increase of 3.2 percent with 23.8 percent of homes in Massachusetts’ biggest metro area being worth $1 million or more.

“Home prices, insurance and mortgage rates have shot up so much that many people are either priced out of the market or weary of committing to such a high monthly payment,” Julie Zubiate, a Redfin Premier agent said in a statement provided by the brokerage.

The overall housing market continues to see prices rise. In July of 2024, the median home sale price increased 4.1 percent year-over-year. That’s 0.7 percent below the all-time high of $442,389 set in June according to Redfin.

In Boston, the median home sale price currently sits a $750,000, an increase from $735,000 in July of 2023. Similar to nationwide, Boston reached an all-time high median sale price of $770,000 in June of 2024.

“Waiting around for mortgage rates to fall further isn’t a surefire strategy,” Redfin Senior Economist Elijah de la Campa said in a statement. “That’s because mortgage rates have fallen enough to boost your purchasing power, but not enough to bring tons of buyers off of the sidelines and drive up competition.”