The U.S. Now Has A Record-High 550 ‘Million-Dollar’ Cities

While it may not come as a surprise to learn that the U.S. saw an increase in so-called million-dollar cities, with home prices continuing to climb steady, the sheer number of pricy additions could give even the novice real estate watcher pause. According to Zillow, the U.S. added 59 new million-dollar cities over the past 12 months.

That means a record 550 cities now have inventory where a typical home is worth $1 million or more.

California easily boasts the most million-dollar cities—210 million-dollar cities, more than the next five states combined—followed by New York and New Jersey. Florida, Texas and Delaware are the only states with a net loss in million-dollar cities over the past year.

“Affordability is still a big challenge for buyers, but that hasn’t stopped prices from growing,” said Anushna Prakash, an economic research data scientist at Zillow. “Buyers this spring are going to see more options to choose from, but they’ll also see a lot of other buyers wandering through the same open houses. Competition will stay fierce, especially for the most attractive and well-priced homes. If mortgage rates drop later this year, as many expect, we may see a surge in million-dollar cities as even more buyers jump in and drive prices higher.”

The New York City metro area, which includes parts of New Jersey and Pennsylvania, has the most million-dollar cities with 106, an additional 24 more than a year ago. San Francisco is next with 69, followed by Los Angeles with 63. Other than the New York City metro area, L.A. gained the most million-dollar cities over the past year, adding seven.