The number of million-dollar cities has doubled over the past five years
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More and more cities are joining the list of those that have a median home value of $1 million or more, with 23 cities expected to make it to the list in 2019, according to an analysis by Zillow.
While only 197 cities of more than 10,000 cities analyzed have a median value of $1 million or more, that figure was only 164 in 2017. Zillow found that 33 cities crossed into $1 million median territory over the past year.
Zillow noted that most of the cities expected to hit the $1 million mark are coastal cities, much like the communities that are already on the list. California has 14 cities poised the cross the boundary, with nine of those in the Bay Area.
One of the California cities is East Palo Alto, which is projected to have a $1.1 million median home value by June 2019. It would join its Palo Alto on the list, where the median home value in June was $3.3 million.
While not necessarily on the coast itself, the other cities on the up and coming list are found in coastal states as well: Anna Maria in the Sarasota area of Florida; Belmont and Lexington in the Boston metro; Biltmore Forest in the Asheville, N.C., metro; Woodbury and Roslyn in the New York metro area; and Bellevue and Sammamish in the Seattle area.
Zillow said the number of million-dollar cities has doubled over the past five years. The analysis noted that a common characteristic among these cities is that they are adjacent to finance and tech hubs.
Although home value growth is expected to slow over the next year, particularly at the high end of the market, the number of cities where more than half of homes are valued in the seven digits is expected to jump to a new all-time high over the next 12 months.
