Blog Articles, Market Research

The US Has More Million-Dollar Real Estate Markets Than Ever — Here Are 23 Cities Where the Typical Home Will Be $1 Million by Next Year

There are almost 24 real estate markets in the United states that are nearing the million-dollar average for listings. Among these are MSAs in California, Washington, North Carolina and New York. Continue reading to learn more.

Originally posted by Business Insider.

Nearly two dozen real estate markets are fast-approaching million-dollar territory, according to an August report from Zillow. Zillow’s data reveals that by June 2019, 23 cities will have median home values of at least $1 million, joining the 197 US cities where the typical home is already valued at seven-figures. (In these cities, half the homes are valued below $1 million and half are valued above.)

  • Home prices in the United States are still rising, pushing more and more cities into $1 million territory.
  • Nearly 200 cities had a median home value of at least $1 million as of June 2018, and another 23 cities are projected to join the seven-figure club by summer 2019.
  • California is home to the most million-dollar real estate markets; it has 111 currently, and is expected to add 14 more cities over the next year.

Nearly two dozen real estate markets are fast-approaching million-dollar territory, according to an August report from Zillow.

Zillow’s data reveals that by June 2019, 23 cities will have median home values of at least $1 million, joining the 197 US cities where the typical home is already valued at seven-figures. (In these cities, half the homes are valued below $1 million and half are valued above.)

California and New York are currently home to the most million-dollar real estate markets. The Golden State has a significant edge, with 111 cities that have a median home value of $1 million or more as of June 2018. The San Francisco metro area has 46 $1 million cities — the most of any metro in the country. New York state has 30 cities.

Of the 23 new cities to join the million-dollar club by next summer, 14 are in California — all in the San Francisco and Los Angeles metro areas — and three are in New York. And three cities that had a $1 million median home value before the housing bust in 2006 are set to regain their status by 2019.

Keep reading to find out which cities will soon cross the $1 million mark.

Contact Jeff Cline at SVN | SFRhub Advisors
SVN | SFRhub Advisors
Phone: 602-441-5354
2400 E. Arizona Biltmore Circle
Suite 1400
Phoenix, AZ 85016

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.