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

Tahoe NV

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

  1. 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.


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