‘Million-dollar’ cities surging, despite pandemic

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Model homes and for sale signs line the streets as construction continues at a housing plan in Zelienople, Pa., Wednesday, March 18, 2020. (AP Photo/Keith Srakocic)

(NEXSTAR) – The number of cities where the typical home value is $1 million or above “spiked sharply” in 2020, according to a new analysis by real estate site Zillow.

The year 2020 saw more than 45 “million-dollar” cities added to the growing list of regions where home values are in the millions — the largest increase in a decade.

There are currently more than 300 “million-dollar cities,” up 104 from five years ago.

“In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021,” said Zillow senior economist Chris Glynn in a press release. “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.”

The counties surrounding San Francisco, New York, and Los Angeles had the highest share of “million-dollar” cities, with Atherton, Calif. having the highest typical home value of any other city ($6.6 million).

According to Zillow, the list of cities is historically dominated by regions near the ocean and mountains. New cities to the list that fit the bill include Potomac, MD, Lonport, NJ and Yountville in California’s Napa Valley.

The increase in “million-dollar” cities comes on the heels of a “flaming hot market” in 2020 that saw home values appreciate by nearly 7.5 percent annually in November.

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