There are currently 200 US cities that have a median home value in excess of $1M. 33 of those cities “achieved” this ambiguous status in 2018.
Zillow expects that 23 additional cities will hit that median home value bar in 2019. Generally located in well-heeled suburbs of major tech and finance hubs, 7 of the likely cities are suburbs of San Francisco and 5 are in the Los Angeles metro area. The other metro magnets are New York, Boston, San Jose and Seattle.
There is at least one $1M community in 19 states including 7 states with one and only one $1M community. These 7 one and only one communities are
Paradise Valley in Phoenix AZ metro area
Sea Island in Brunswick GA metro area
New Castle in Boston NH metro area
Sullivan’s Island in Charleston SC metro area
Glenbrook in Gardnerville Ranches metro near Lake
New Shoreham in Providence RI metro are
Great Falls in Washington VA metro area
Atherton CA, near Silicon Valley and San Francisco, has the highest median home price of all the 200 +$1M cities. $6.9M is 31 X the June 2018 median home value of $217,300 nation-wide.
“The number of plus million dollar cities has doubled in the last 5 years,” said Aaron Terraza, chief economist with Zillow. “Although home-value growth is expected to slow over the next year, particularly in the high end of the housing market, the number of cities where more than one half of the homes are valued in seven digits is expected to jump to a new all-time high over the next 12 months.”
Cities Expected to Have Median Home Values of +$1M in 2019
City Metro Area State Current Forecast 2019
Alameda San Francisco CA $996,000 $1,069,026
Anna Maria Sarasota FL $964,200 $$1,009,400
Bellevue Seattle WA $948,100 $1,022,017
Belmont Boston MA $984,900 $1,035,244
Biltmore Forest Ashville NC $978,900 $1,005,018
Brisbane San Francisco CA $958,200 $1,022,569
Broadmoor Village San Jose CA $984,300 $1,083,414
Burbank San Jose CA $999,500 $1,182,061
Dana Point San Francisco CA $936,700 $1,030,556
Daly City San Francisco CA $996,200 $1,081,408
- Palo Alto San Francisco CA $963,900 $1,090,864
Fairfax San Francisco CA $893,700 $1,043,621
Franklin Lanes New York NY $993,400 $1,027,625
La Habra Heights Los Angeles CA $982,300 $1,057,783
Lexington Boston MA $975,500 $1,013,900
Los Alamitos Los Angeles CA $988,300 $1,086,400
Morgan Hill San Jose CA $984,800 $1,107,926
Newark San Francisco CA $919,200 $1,005,404
Roslyn New York CA $964,500 $1,026,293
Sammamish Seattle WA $945,000 $1,006,068
San Clemente Los Angeles CA $953,400 $1,052,136
Seal Beach Los Angeles CA $964,900 $1,044,530
Woodbury New York CA $965,800 $2,029,055
Note that Biltmore Forest, a suburb of Ashville in NC, is the first city in NC to surpass 7 figures in a median home price.
Note also that Anna Maris on Florida’s gulf coast has a population of 1,900. It is the first city in the Sarasota metro area to surpass 7 figures in a median home price.