Back to top
Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE SUBSCRIBE LOG IN
AddControlToContainer_DynamicNavigation1

Number of ‘million-dollar’ cities increases

Email A Friend Printer Friendly Version
0 comments
Market Data
Tuesday, January 12, 2021

The number of cities where the typical home value is least $1 million in 2020 had its largest increase in at least a decade, according to an analysis by Zillow.

 

According to Zillow’s analysis, there now are 312 million-dollar cities in the U.S., up 104 from five years ago. Zillow said the typical value of a home in the U.S. is about $263,000.

 

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

 

“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,” Glynn said.

 

Zillow said 70 percent of the million-dollar cities are in nine coastal metro areas. Sixty-one are in the San Francisco metro area, 51 are around New York City and 39 are in the Los Angeles area.

 

The metro areas of San Jose, Calif. (20 cities); Boston (11); Miami-Fort Lauderdale (11); Seattle (9); and Washington, D.C., (8) also have multiple cities where the typical home price exceeds $1 million.

 

Zillow said the highest typical home value in the country is in Atherton, Calif., near San Francisco (about $6.6 million.); followed by Hunts Point, Wash., near Seattle ($6 million); Sagaponack, N.Y. and Jupiter Island, Fla. (Port St. Lucie metro area), with typical values over $5 million.

 

Zillow said there are six additional cities with typical home values over $4 million, 21 more with values over $3 million, and another 38 with values over $2 million.

 

“An increased demand in places like Potomac and other more expensive areas around the county is happening because of the pandemic-driven need for more indoor and outdoor space, home offices, pools and more,” said Samer Kuraishi, president of The ONE Street Company, a boutique real estate firm in Washington, D.C. “We're seeing more buyers from afar using technology to tour homes and buy ‘sight unseen.’ The sellers who have a great media package, including a floor plan with dimensions, virtual staging and 3D imaging, have the edge in such a competitive market.”

 

Historically, Zillow said the list of million-dollar cities is dominated by areas that offer natural amenities like proximity to the ocean and mountains.

Today's other top stories
Beeline Title among first to close crypto residential real estate deal
Voice of the Title Agent: Slight drop in independent title agencies
Razi launches on-demand title sales certification program
Advocus boosts tech leadership team
Dono appoints industry veteran as head of revenue


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
Please enter a comment.
CAPTCHA Validation
CAPTCHA
Code:
Please enter the word displayed in the image above. Please enter the word displayed in the image above.
: 
Please enter your name.
: 
Please enter your email address.
This field must contain a valid email address.
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 3909 times.


News by Topic   News by Edition   In-depth Reports   Events   Subscribe
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
 
May 5, 2025
May 19, 2025
June 2, 2025
June 16, 2025
June 30, 2025
Archives
 
2025 Voice of the Title Agent Report
2025 State of the Industry Report
Cybersecurity Today
2024 Title Technology
eClosing Innovations
Technology as a Compliance Tool
Trendsetters
Archives
 
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Newsletter Subscriptions
Free Email Updates
Try a Free Edition
  Resources   About   Other Publications  
 
Keys to Real Estate Podcast
Blog - Tuesdays with Mary
eClosing Solutions Showcase
Best Practices Provider Directory
Industry Partners
 
The Title Report
Contact / Editors
Social Media
Advertise
Request a Media Kit
Are You An Expert?
Subscriber Agreement
 
The Legal Description
RESPA News
Valuation Review
Dodd Frank Upate
 
                 
Copyright © 1999-2025 The Title Report
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.thetitlereport.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Valuation Review
> RESPA News
> The Legal Description
> Dodd Frank Update
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
IN-DEPTH REPORTS
EVENTS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
Sponsored Content
Nominate a Trendsetter
What is Trendsetters
Current Edition
June 16, 2025
June 2, 2025
May 19, 2025
Archives
2025 Voice of the Title Agent
2025 State of the Industry
Cybersecurity Today
2024 Title Technology
eClosing Innovations
Real Estate Compliance Outlook
Technology as a Compliance Tool
Trendsetters
Archives
Nominate a Trendsetter
What is Trendsetters?
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
2025 Economic Outlook Series
Evolving Realtor Relationships
CFPB's Shake-Up & Its Impact
Artificial Intelligence for Title
Industry and Regulatory Outlook
RESPA Updates You Need to Know
Strategies post-NAR settlement
Fraud Threats Facing Title
Evolving Consumer Relationships
Excess Equity
RESPA Compliance Essentials
Securing Your Cyber Network
Webinar Archives
Cyber Solutions Showcase
Keys to Real Estate Podcast
Title Insurance at Work
Blog - Tuesdays with Mary
eClosing Solutions Showcase
Executive Interview Series
Best Practices Provider Directory
Industry Partners
The Title Report
Contact Us
Social Media
Advertise
Request a Media Kit
Are You An Expert?
Subscriber Agreement