Cities where the average home will cost a million dollars, or more, are not that common in the U.S. – but the list is consistently growing.
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According to Zillow Research, only 197 cities of the more than 10,000 analyzed by Zillow Research have a median home value of $1 million or more. Over the past year 33 cities joined the list and over the next year another 23 cities are expected to join.
Most of the country’s million dollar real estate markets are in California, where 111 of the 197 markets are located. The next most represented states is New York, with 30 million-dollar cities.
While the appreciation of home values is expected to slow over the next year, according to Zillow Research, the number of cities were most of the homes are valued over $1 million will reach an all-time high.
California will continue to dominate, with more cities joining the seven-figure club. There are also a few new entrants in and around Seattle. Unsurprising, given the rapid appreciation in home values in the tech hub.
These are the 13 new areas expected to join the “million dollar club” over the next year
Morgan Hill, California
East Palo Alto, California
Los Alamitos, California
Broadmoor Village, California
Daly City, California
La Habra Heights, California
San Clemente, California
Seal Beach, California
Dana Point, California
Woodbury, New York
Franklin Lakes, New York
Roslyn, New York
Anna Maria, Florida
Biltmore Forest, North Carolina