by Brett Rowland
More cities have hit the $1 million mark amid rising home prices, especially in California.
A year ago, real estate marketplace Zillow found 491 cities where the typical home value was $1 million or more. That number grew to 550 cities this year, according to Zillow.
California was home to 210 million-dollar cities, more than the next five states combined. California was followed by New York (66 cities), New Jersey (49), and Florida (32).
The real estate company said in a statement, “The good news for buyers in the market this home shopping season is that new listings are on the rise as the effects of “rate lock” are weakening. If mortgage rates drop later this year, as many expect, that may mean a second wave of buyer demand that drives prices higher.”
Million-Dollar Cities by State
| State | $1 Million Cities: February 2024 | $1 Million Cities: February 2023 |
| California | 210 | 198 |
| New York | 66 | 54 |
| New Jersey | 49 | 35 |
| Florida | 32 | 34 |
| Massachusetts | 31 | 27 |
| Colorado | 21 | 21 |
| Washington | 18 | 16 |
| Hawaii | 17 | 16 |
| Texas | 14 | 15 |
| Maryland | 10 | 8 |
| Virginia | 7 | 5 |
| South Carolina | 6 | 6 |
| Connecticut | 6 | 5 |
| Minnesota, Utah | 6 | 4 |
| Illinois | 6 | 3 |
| Missouri | 5 | 5 |
| Nevada, North Carolina, Wyoming | 4 | 4 |
| Montana | 4 | 3 |
| Arizona | 4 | 2 |
| Idaho, Tennessee | 3 | 3 |
| New Hampshire | 3 | 2 |
| Ohio | 2 | 2 |
| Pennsylvania | 2 | 0 |
| Delaware | 1 | 2 |
| Georgia, Kansas, Maine, Michigan, Rhode Island, Wisconsin | 1 | 1 |
“Affordability is still a big challenge for buyers, but that hasn’t stopped home values from climbing,” Zillow added. “The housing market is tight with few homes available, and competition is still high for attractive homes. That competitive pressure is pushing home values higher across the U.S.”
– – –
Brett Rowland is an award-winning journalist who has worked as an editor and reporter in newsrooms in Illinois and Wisconsin. He is an investigative reporter for The Center Square.
