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The U.S. Will Gain 23 New $1 Million Cities Within the Next Year

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The U.S. Will Gain 23 New $1 Million Cities Within the Next Year

There are currently 197 cities in the U.S. with a median home value of $1 million or more, with 33 of those cities breaking the $1 million threshold in just the past year

PR Newswire

SEATTLE, Aug. 9, 2018 /PRNewswire/ -- Over the next year, 23 more cities across the U.S. will make Zillow's "$1 Million City List," defined as a city with a median home value of $1 million or more.

The U.S. currently has 197 $1 million cities, with 33 of those breaking the seven-figure threshold in just the past 12 months, according to a new Zillow® analysis.

While home values in the U.S. are expected to rise 6.6 percent over the next year, some hot markets, especially in California, are expected to have home-value appreciation in the double digits. The San Francisco metro is forecasted to gain seven $1 million cities by June 2019, with Fairfax, East Palo Alto and Broadmoor Village expected to appreciate the most among those cities. San Francisco currently has 46 $1 million cities -- more than any other metro in the analysis.

Pricey cities aren't the only places experiencing rapid home-value growth -- home values are rising across the country, with the median home value in the U.S. higher than ever before. Over the past year, U.S. home values rose over 8 percent to $217,300. According to the most recent Zillow Housing Aspirations Reporti, more than 70 percent of renters say they often think about owning a home, but 66 percent of them cite saving for a down payment as one of the key impediments holding them back.

The Los Angeles metro is expected to gain five new $1 million cities in the next year, and the New York metro will gain three. Boston, Seattle and San Jose will each have two cities that will appreciate to a median home value of $1 million or more in the next year.

"The number of million-dollar cities has doubled over the past five years. These markets tend to be affluent and exclusive suburbs with very strict building restrictions in communities adjacent to finance and tech hubs," says Aaron Terrazas, Zillow senior economist. "Although home value growth is expected to slow over the next year, particularly at the high end of the housing 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."

Biltmore Forest, N.C., in the Asheville metro, is forecast to be the first $1 million city in North Carolina. The current median home value in Biltmore Forest is $978,900. Zillow forecasts the median home value in Biltmore Forest to rise 2.7 percent over the next year, to $1,005,018.

Anna Maria, Fla., in the Sarasota metro, is expected to become the first $1 million city there. The current median home value is $964,200 and is forecast to reach $1,009,404 within the next year.

Here's the list of 23 cities that are forecast to become $1 million cities over the next year:

City

Metro

June 2018 Median
Home Value

June 2019 Median Home
Value

Burbank

San Jose, Calif.

$999,500

$1,182,061

Morgan Hill

San Jose, Calif.

$984,800

$1,107,926

East Palo Alto

San Francisco, Calif.

$963,900

$1,090,864

Los Alamitos

Los Angeles, Calif.

$988,300

$1,086,400

Broadmoor Village

San Francisco, Calif.

$984,300

$1,083,404

Daly City

San Francisco, Calif.

$986,200

$1,081,408

Alameda

San Francisco, Calif.

$996,000

$1,069,036

La Habra Heights

Los Angeles, Calif.

$982,300

$1,059,783

San Clemente

Los Angeles, Calif.

$953,400

$1,052,136

Seal Beach

Los Angeles, Calif.

$964,900

$1,044,530

Fairfax

San Francisco, Calif.

$893,700

$1,043,621

Belmont

Boston, Mass.

$984,900

$1,035,244

Dana Point

Los Angeles, Calif.

$936,700

$1,030,556

Woodbury

New York, N.Y.

$965,800

$1,029,055

Franklin Lakes

New York, N.Y.

$993,400

$1,027,625

Roslyn

New York, N.Y.

$964,500

$1,026,293

Bellevue

Seattle, Wash.

$948,100

$1,022,917

Brisbane

San Francisco, Calif.

$958,200

$1,022,569

Lexington

Boston, Mass.

$975,500

$1,013,900

Anna Maria

North Port-Sarasota-Bradenton, Fla.

$964,200

$1,009,404

Sammamish

Seattle, Wash.

$945,000

$1,006,068

Newark

San Francisco, Calif.

$919,200

$1,005,404

Biltmore Forest

Asheville, N.C.

$978,900

$1,005,018

Number of $1 million cities within the largest U.S. metros:

Metropolitan Area

June 2018 Zillow
Home Value Indexii
(ZHVI)

Number of
Million-
Dollar Cities

City with Highest
Median Home Value

Highest Median
Home Value
June 2018

United States

$217,300

197

Atherton, Calif.

$6,870,300

New York, Northern New Jersey

$429,300

41

Wainscott

$3,533,400

Los Angeles-Long Beach-Anaheim, CA

$646,300

28

Beverly Hills

$3,480,500

Chicago, IL

$220,400

2

Kenilworth

$1,345,700

Dallas-Fort Worth, TX

$229,400

3

Westlake

$1,617,100

Philadelphia, PA

$228,100

0

Radnor

$726,900

Houston, TX

$198,600

0

Bellaire

$795,500

Washington, DC

$399,500

3

Travilah

$1,224,800

Miami-Fort Lauderdale, FL

$272,900

4

Fisher Island

$3,183,400

Atlanta, GA

$204,600

0

Druid Hills

$606,000

Boston, MA

$455,600

7

Weston

$1,444,000

San Francisco, CA

$953,600

46

Atherton

$6,870,300

Detroit, MI

$154,900

0

Orchard Lake

$665,000

Riverside, CA

$356,800

0

Indian Wells

$716,300

Phoenix, AZ

$254,700

1

Paradise Valley

$1,737,800

Seattle, WA

$492,700

5

Medina

$2,834,000

Minneapolis-St Paul, MN

$261,300

0

Orono

$722,800

San Diego, CA

$583,700

5

Del Mar

$2,618,700

St. Louis, MO

$161,400

0

Ladue

$844,700

Tampa, FL

$204,600

0

North Redington Beach

$638,500

Baltimore, MD

$264,800

0

Dayton

$718,600

Denver, CO

$397,700

1

Cherry Hills Village

$1,983,200

Pittsburgh, PA

$141,300

0

Fox Chapel

$655,200

Portland, OR

$391,200

0

Raleigh Hills

$710,100

Charlotte, NC

$195,800

0

Marvin

$673,700

Sacramento, CA

$400,100

0

Granite Bay

$770,800

San Antonio, TX

$185,000

0

Olmos Park

$709,000

Orlando, FL

$226,900

0

Bay Hill

$513,600

Cincinnati, OH

$160,900

0

Village of Indian Hill

$966,200

Cleveland, OH

$141,100

0

Gates Mills

$510,500

Kansas City, MO

$181,400

0

Mission Hills

$975,300

Las Vegas, NV

$264,300

0

Mount Charleston

$402,900

Columbus, OH

$182,200

0

New Albany

$502,200

Indianapolis, IN

$152,800

0

Meridian Hills

$555,600

San Jose, CA

$1,287,600

18

Los Altos Hills

$5,070,900

Austin, TX

$296,500

2

West Lake Hills

$1,097,300

Zillow

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with great real estate professionals. Zillow serves the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. Zillow Offers provides homeowners in some metropolitan areas with the opportunity to receive offers from Zillow. When Zillow buys a home, it will make necessary updates and list the home for resale on the open market.

In addition to Zillow.com, Zillow operates the most popular suite of mobile real estate apps, with more than two dozen apps across all major platforms. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ:Z) and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc. Zillow Offers is a trademark of Zillow, Inc.

i The Zillow Housing Aspirations Report is a semi-annual survey computed from an IPSOS poll which combines a sample of 10,000 U.S. adults from 20 U.S. core-based statistical area (CBSA) metropolitans (Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Los Angeles, Las Vegas, Miami, Minneapolis, New York, Philadelphia, Phoenix, St. Louis, San Diego, San Francisco, San Jose, Seattle, Tampa, and Washington, D.C.) age 18+, surveyed online in English. This version of the survey was fielded from March 16-28, 2018. The survey has a credibility interval of plus or minus 1.1 percentage points for all respondents from the 20 U.S. metropolitans and approximately 5.0 percentage points for an individual U.S. metropolitan. Post-hoc weights were made to the population characteristics on gender, age, region, and race and ethnicity. For more information about conducting research intended for public release or Ipsos' online polling methodology, please visit the Public Opinion Polling and Communication page.
ii The Zillow Home Value Index (ZHVI) is the median estimated home value for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted.

 

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SOURCE Zillow

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