The number of cities with a median home value of $1 million or more continues to rise. Today, 197 cities of more than 10,000 analyzed have a median home value of $1 million or more. A year ago, that number was 164 – 33 cities nationwide crossed into $1 million median territory over the past year.
According to an Analysis by Zillow, Another 23 Cities Are Expected to Join the List in the Coming Year.
Unsurprisingly, the coasts are clustered with $1 million real estate markets – especially in California, where more than half (111) of the nation’s million-dollar markets can be found, including the Kardashians’ beloved Hidden Hills ($3.2 million median home value) and Calabasas ($1.2 million). The next most highly represented state is New York, with 30 million-dollar cities – and the New York City metro area, which includes New Jersey, has 41.
The 23 cities expected to join the list of $1 million cities over the coming year lean heavily coastal: 14 are in California – and nine of those are in the Bay Area. They include East Palo Alto, which is expected to have a median home value of $1.1 million by June 2019. It will join its cousin Palo Alto, where the median home value in June 2018 was $3.3 million.
While the real estate market in DC sees no sign of slowing down, the time to invest in property may be now. With Washington, Maryland, and Virginia trying to court Amazon to set up shop in the region, we anticipate a steadily rising market for years to come.
Nationally, the median home value is up 8.3 percent over the past year.
