The Number of “Million-Dollar Cities” spiked sharply in 2020

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Zillow says that the typical home value in the U.S. is about $263k, however the number of “million-dollar cities” spiked sharply in 2020.  According to their analysis, million dollar cities are those with a typical home value of at least $1 million.  Zillow says at the end of 2020 there were 312 of these cities – 45 more than in 2019, which Zillow says was fueled by the Coronavirus pandemic.  So where are these cities?  As you might have guessed, more than 70% of them are concentrated in nine coastal metros, primarily San Francisco, New York and Los Angeles.  Indeed…

“In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” says Zillow senior economist Chris Glynn. “Despite the label, there are homes available in these communities for less than $1 million, but buyers must be realistic about their wish list and act quickly in the current market, especially since homes are selling in a matter of days in many places.  For sellers, it is possible to capitalize on the recent growth in these markets and relocate to far less-expensive markets – particularly with an increase in remote work offering flexibility in the job market.”

Zillow

Click here to read the full report at Zillow.com.

 

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Brad Beckett

Director of Education & Outreach, National Real Estate Investors Association

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