A record 146 US cities became “million-dollar cities” during 2021. These additional 146 cities brought the total number of “million-dollar” cities to 481 in the US.
Record-Setting Year of Home Appreciation in 2021 Increased Total of “Million-Dollar” Cities to 481 in US
With the addition of 146 US cities due to a typical home value appreciation of +19.6% in 2021, there are now 481 “million-dollar” cities in the US, according to just-released data from Zillow.
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“Million-dollar” cities are cities in which the typical home value is at least $1M.
According to Zillow, there are now more new million-dollar cities than there were in the past 6 years. The 146 additional cities that popped the million-dollar threshold in 2021 nearly tripled the number of cities that reached this threshold in 2020.
“The surge in demand for housing last year sent home values skyrocketing, even in places where prices already were sky-high, and that helped tip a record number of cities into the million-dollar club,” said Jeff Tucker, Zillow senior economist. “The locations of these newly seven-figure towns bust the myth that everyone fled California and the Northeast last year, as California, Massachusetts and New York led the pack for the most new cities with home values above $1M. Still, we’re seeing how the geography of wealth has begun to shift, as 20221 was the first year for both Idaho and Montana to place any cities on this list, and now those Western states boast three million-dollar cities each.”
Metros with Most $1M Cities (December 2021)
Metro Number of $1M Cities
New York NY 76
San Francisco CA 76
Los Angeles CAA 57
San Jose CA 22
Boston MA 18
Seattle WA 16
Miami FL 14
Washington DC 11
Santa Maria-Santa Barbara CA 9
Santa Rosa CA 9
Growth Progression of $1M Cities
Year Total # of $1M Cities # of Net New $1M Cities
2021 481 145
2020 336 51
2019 285 -7
2018 292 20
2017 272 38
2011 126 -16
According to Zillow, 60% of all million-dollar cities are within just eight metro areas and 44% are in California.
Ten Most Expensive Cities in 2021
City 2021 Typical Value 2011 Typical Value
Indian Creek FL $28,326,518 $15,558,572
Atherton CA $7,698,328 $3,827,781
Hunts Point WA $7,013,823 $2,567,069
Juniper Island FL $6,582,623 $3,101,817
Sagaponack NY $5,957,385 $3,073,341
Hillsborough CA $5,369,777 $2,552,220
Los Altos Hills CA $5,250,550 $2,497,842
Golden Beach FL $5,178,527 —————
Belleair Shore FL $4,966,651 —————
Belvedere CA $4,689,895 2,824,324
Zillow indicated that if current home appreciation trends continue, 49 additional housing markets are expected to become million-dollar cities by mid-2022.
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Thanks to Zillow.