Zillow: Record number of U.S. cities have home listings that top $1 million
If you need any more proof of the crazy level of home price appreciation in 2021, here it is: A record number of cities (146) joined the list of locations where the typical home value is more than $1 million, according to research from Zillow.
That number of entrants into the "million dollar club" was nearly triple the number of locations to achieve that threshold in 2020 and more than there were in the past six years combined. The total number of cities where the typical home is priced above $1 million is now 481.
While most of these million-dollar locations are clustered near metro areas on the East and West Coasts, some entrants came from states that have never been on the list before, including Idaho, Montana and Tennessee.
The metro areas with the most locations with home values of $1 million and up are San Francisco and New York, each with 76; Los Angeles (57), San Jose (22), Boston (18), Seattle (16), Miami (14), Washington (11), Santa Rosa, Calif. (9) and Santa Barbara, Calif. (9).
The entrance of new states to the list of places with home values above $1 million is indicative of the geographic shift for buyers and the extreme rise in prices everywhere, up 19.6% in 2021 over 2020, according to Zillow. But the West Coast still dominates for expensive housing markets, with 44% of all $1 million locations in California.
Washington's 11 million-dollar locations represents an increase of three new communities compared to 2020. They range from the top typical home value of $1,379,169 in Great Falls, Va., to $1,048,109 in Waterford, Va.
The other locations in the region where homes are typically valued above $1 million include Chevy Chase (D.C.), Chevy Chase View (Md.), McLean (Va.), Cabin John (Md.), Potomac (Md.), Glen Echo (Md.), Upperville (Va.), Bethesda (Md.) and Dunn Loring (Va.)
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