Key Highlights
- According to Zillow, there 312 metros where typical home priced at $1M and higher
- This is an increase of 45 cities or +17% compared to one year before
Red-hot demand for single-family homes catapulted single-family home prices +7.5% annually in 2020. The result is that the typical value of a home came in at $263,351 at the end of November 2020.
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Similarly, that +7.5% price increase for a “typical” home in the US made the number of cities where a typical home is worth $1M+ surge by some +17%, according to Zillow. Now there are 45 more cities throughout the country in which a typical home costs $1M and more. All told, there are 312 cities and townships that are members of this “Million-Dollar Cities” club.
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Most of the country’s million-dollar cities (70%) are concentrated within nine coastal metro areas. Take a look:
– Seattle WA – 9 cities among this metro
– Santa Rosa CA – 7 cities among this metro
– San Francisco CA – 61 cities among this metro
– San Jose CA – 20 cities among this metro
– Salinas CA – 5 cities among this metro
– Santa Maria CA – 6 cities among this metro
– San Diego CA – 5 cities among this metro
– Los Angeles CA – 39 cities among this metro
– Washington DC – 8 cities among this metro
– Boston MA – 11 cities among this metro
– New York NY – 51 cities among this metro
– Miami FL – 11 cities among this metro
Take a look at the highest approximate typical home values among these metros:
- Atherton CA (near San Francisco) – typical home value of $6.6M
- Hunts Point WA (near Seattle) – typical home value of $6M
- Sagaponack NY and Jupiter Island FL – typical home values +$5M
- 6 cities with typical home values +$4M
- 21 cities with typical home values +$3M
- 38 cities with typical home values +$2M
Newcomers to 2020’s list of million-dollar cities include
- Potomac MD
- Longport, Long Beach Township and Allenhurst in NJ
- Westhampton and Town of Shelter Island in NY
- Calistoga and Yountville in CA
- Incline Village NV
Look for El Cerrito and Cayucos in CA to join this $1M club in the coming months.
Thanks to Zillow.
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