The number of “million-dollar cities” surged significantly last year as home values climbed amid the Covid-19 pandemic, according to a report released Monday by Zillow.
There are now 312 cities where the typical home value is at least $1 million, with 45 added to the list in 2020, the Zillow analysis found. Overall, the typical value of a home in the United States is $263,000.
“In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” Zillow senior economist Chris Glynn said. “Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly in the current market, especially since homes are selling in a matter of days in many places. For sellers, it is possible to capitalize on the recent growth in these markets and relocate to far less-expensive markets – particularly with an increase in remote work offering flexibility in the job market.”
Of the 312 million-dollar cities, 70 percent are in nine coastal metropolitan areas, with 61 around San Francisco, 51 around New York City and 39 around Los Angeles. San Jose, Boston, Miami, Seattle and Washington, D.C., all have multiple cities where the typical home price tops $1 million.
There are two $6 million cities – Atherton, California ($6.6 million), and Hunts Point, Washington ($6 million).
|Growth of $1 Million Cities|
|Year||Number of Net New $1 Million Cities|