– The U.S. currently has 481 million-dollar cities, in which the typical home value is at least $1 million.
– Idaho, Montana and Tennessee gained million-dollar cities for the first time, although most exist within eight coastal metros.
– There are more new $1 million cities this year than there were in the past six years combined.
PR Newswire
SEATTLE
,
Feb. 16, 2022
/PRNewswire/ — A record 146 U.S. cities became new “million-dollar cities” in 2021,
Zillow data shows
. There are now 481 cities in which the typical home value is at least
$1 million
. If current rates of appreciation hold, 49 more could join the
$1 million
club by midyear.
The number of cities that crossed the
$1 million
threshold in 2021 is almost triple that of cities reaching those heights in 2020, underscoring a
record-setting year of home appreciation
that saw the typical U.S. home gain 19.6% in value.
The majority of million-dollar cities are clustered within a few large coastal regions; the
San Francisco
and
New York
metro areas lead the way with
76 million-dollar
cities each. The
Los Angeles
metro is third with 57 cities, and
San Jose
is fourth with 22. In total, 60% of all million-dollar cities lie within eight metro areas, and almost half (44%) are in
California
.
“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
$1 million
. Still, we’re seeing how the geography of wealth in the U.S. has begun to shift, as 2021 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.”
Indian Creek,
Florida
, an exclusive 300-acre island in Biscayne Bay in
Miami
, is the most expensive city in the country, with a typical home value of around
$28.3 million
. The city has a total population of fewer than 100 residents, including a handful of high-profile celebrities such as
Tom Brady
and Gisele Bündchen. In the No. 2 spot is
Atherton
, a small town on the
San Francisco Peninsula
where the typical home value sits around
$7.7 million
.
Hunts Point, Washington
;
Jupiter Island, Florida
; and
Sagaponack, New York
fill out the top five, with typical home values of roughly
$6 million
each.
“With such sharp increases in home prices over the last year, we’re seeing tons of demand come from current homeowners who’ve decided to tap into their home equity to move up into their dream home,” said
Erik Throm
, an agent with Fast Real Estate in
San Francisco
. “But even expensive homes are moving quickly in this market, and shoppers should be prepared with a
pre-qualification letter
and the help of a trusted local agent who knows the pros and cons of their specific neighborhood and how to structure a winning bid that still protects a buyer in an incredibly competitive and high-priced market. ”
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About Zillow Group
Zillow Group Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter.
As the most visited real estate website in
the United States
, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. In
September 2020
, Zillow launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.
Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans LLC is an Equal Housing Lender, NMLS #10287 (
www.nmlsconsumeraccess.org
).
1
Editor’s note: One city lost its million-dollar city status in 2021, so the net change is 145, even though there were 146 new cities on the list.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/146-more-us-cities-pass-the-1-million-mark-the-most-ever-in-a-single-year-301483516.html
SOURCE Zillow
