{"id":411907,"date":"2021-01-11T08:03:44","date_gmt":"2021-01-11T13:03:44","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411907"},"modified":"2021-01-11T08:03:44","modified_gmt":"2021-01-11T13:03:44","slug":"pandemic-year-brought-incredible-surge-in-million-dollar-cities","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/","title":{"rendered":"Pandemic Year Brought Incredible Surge in ‘Million-Dollar Cities’"},"content":{"rendered":"
\n

There are 312 U.S. cities with a typical home value of at least $1 million — 45 more than a year ago.<\/h2>\n

– The one-year net gain, a 17% jump in million-dollar cities, is the largest net gain in at least a decade, and follows a decline in 2019<\/h2>\n

– More than 70 percent of the million-dollar cities are concentrated in nine coastal metros, primarily San Francisco, New York and Los Angeles.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SEATTLE<\/span>, Jan. 11, 2021<\/span> \/PRNewswire\/ —\u00a0Although the typical value of a home in the United States<\/span> is about $263,000<\/span>, the number of “million-dollar cities” spiked sharply last year,\u00a0 according to a new Zillow analysis<\/a><\/u>.\u00a0 There are 45 more U.S. cities1<\/sup> with a typical home value of at least $1 million<\/span> than there were a year ago — the largest increase in at least a decade.<\/p>\n

\n

\n
\n \"Zillow
\n <\/a>\n <\/p>\n<\/p><\/div>\n

There are now 312 million-dollar<\/span> cities, up 104 from five years ago. Nearly half of those 104 crossed that threshold in 2020, a reflection of the\u00a0flaming hot market last year<\/a><\/u>\u00a0that saw home values appreciating near 7.5% annually in November as demographic trends and pandemic effects brought surging demand through most of 2020.\u00a0 This follows a year in which home prices appreciated at the lowest rate since 2013 and a net of two cities fell below the $1 million<\/span> threshold. <\/p>\n

Million-dollar cities are fairly congregated geographically, with 70 percent concentrated within nine coastal metro areas. Among those, 61 are in the San Francisco<\/span> metro area, 51 are clustered around New York City<\/span> and 39 are in the Los Angeles<\/span> area. The metro areas of San Jose<\/span> (20 cities), Boston<\/span> (11),\u00a0 Miami<\/span>–Fort Lauderdale<\/span> (11), Seattle<\/span> (9) and Washington, D.C.<\/span>, (8) also have multiple cities where the typical home price exceeds $1 million<\/span>. <\/p>\n

“In 2020 home values soared nationwide because of incredible demand across all price tiers, which we expect to continue well into 2021<\/a><\/u>,” says Zillow senior economist Chris Glynn<\/span>. “Despite the label, there are homes available in these communities for less than $1 million<\/span>, 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.\u00a0 For sellers, it is possible to capitalize on the recent growth in these markets and relocate to far less-expensive markets \u2013 particularly with an increase in remote work offering flexibility in the job market.”<\/p>\n

\n Atherton, Calif.<\/span>, near San Francisco<\/span>, has the highest typical home value in the country at about $6.6 million<\/span>. Hunts Point, Wash.<\/span>, near Seattle<\/span>, is No. 2,\u00a0 with typical values around $6 million<\/span>. Sagaponack, New York<\/span>, and Jupiter Island, Fla.<\/span> (Port St. Lucie<\/span> metro area), follow with typical values over $5 million<\/span>. There are six additional cities with typical home values over $4 million<\/span>, 21 more with values over $3 million<\/span>, and another 38 with values over $2 million<\/span>. <\/p>\n

Historically, the list of million-dollar cities is dominated by areas that offer natural amenities like proximity to the ocean and mountains, and many of the cities that joined the list this year fit that mold. Some newcomers include Potomac, Maryland<\/span>; Longport<\/span>, Long Beach Township<\/span>, and Allenhurst<\/span> in New Jersey<\/span>; and Westhampton<\/span> and the Town of Shelter Island<\/span> in New York<\/span>. Calistoga<\/span> and Yountville<\/span> in California’s<\/span>Napa Valley<\/span> also crossed the $1 million<\/span> threshold in 2020, as well as Incline Village, Nevada<\/span>, in the Lake Tahoe<\/span> area.<\/p>\n

“An increased demand in places like Potomac<\/span> and other more expensive areas<\/a><\/u> 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<\/span>, a Best of Zillow Premier Agent and President of The ONE Street Company, a boutique real estate firm in Washington, D.C.<\/span> “We’re seeing more buyers from afar\u00a0using technology to tour homes<\/a><\/u> and buy ‘sight unseen.’ The sellers who have a great media package, including a floor plan with dimensions, virtual staging and 3D imaging<\/a><\/u>, have the edge in such a competitive market.” <\/p>\n

If current rates of appreciation hold, two additional Coastal California cities could join the $1 million<\/span> club in the coming months \u2014 El Cerrito<\/span> and Cayucos<\/span>.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Metros with the Most $1 Million Cities (November 2020)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Metro<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Number of $1 Million Cities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Francisco, Calif.<\/span>\n <\/p>\n<\/td>\n

\n

\n 61<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n New York, N.Y.<\/span>\n <\/p>\n<\/td>\n

\n

\n 51<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Los Angeles, Calif.<\/span>\n <\/p>\n<\/td>\n

\n

\n 39<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Jose, Calif.<\/span>\n <\/p>\n<\/td>\n

\n

\n 20<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Boston, Mass. <\/span>\n <\/p>\n<\/td>\n

\n

\n 11<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Miami, Fla. <\/span>\n <\/p>\n<\/td>\n

\n

\n 11<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Seattle, Wash.<\/span>\n <\/p>\n<\/td>\n

\n

\n 9<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Washington-Arlington-Alexandria<\/span>\n <\/p>\n<\/td>\n

\n

\n 8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Santa Rosa, Calif.<\/span>\n <\/p>\n<\/td>\n

\n

\n 7<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Santa Maria-Santa Barbara, Calif.<\/span>\n <\/p>\n<\/td>\n

\n

\n 6<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Salinas, Calif.<\/span>\n <\/p>\n<\/td>\n

\n

\n 5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n San Diego, Calif. <\/span>\n <\/p>\n<\/td>\n

\n

\n 5<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Growth of $1 Million Cities <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Year<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Number of Net New $1 Million Cities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2016<\/span>\n <\/p>\n<\/td>\n

\n

\n 8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2017<\/span>\n <\/p>\n<\/td>\n

\n

\n 27<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2018<\/span>\n <\/p>\n<\/td>\n

\n

\n 26<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2019<\/span>\n <\/p>\n<\/td>\n

\n

\n -2<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 45<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n About Zillow<\/b>\n <\/p>\n

Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. <\/p>\n

As the most-visited real estate website in the U.S., Zillow\u00ae and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers\u00ae buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans\u2122, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.\u00a0 <\/p>\n

Zillow Group’s affiliates and subsidiaries include Zillow\u00ae, Zillow Offers\u00ae, Zillow Premier Agent\u00ae, Zillow Home Loans\u2122, Zillow Closing Services\u2122, Zillow Homes, Inc., Trulia\u00ae, Out East\u00ae, StreetEasy\u00ae and HotPads\u00ae. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org<\/a>). \u00a0<\/p>\n

\n 1<\/sup>\u00a0As of November 2020<\/span><\/p>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/pandemic-year-brought-incredible-surge-in-million-dollar-cities-301204930.html<\/a><\/p>\n

SOURCE Zillow<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

There are 312 U.S. cities with a typical home value of at least $1 million — 45 more than a year ago. – The one-year net gain, a 17% jump in million-dollar cities, is the largest net gain in at least a decade, and follows a decline in 2019 – More than 70 percent of the million-dollar cities are concentrated in nine coastal metros, primarily San Francisco, New York and Los Angeles. PR Newswire SEATTLE, Jan. 11, 2021 \/PRNewswire\/ —\u00a0Although the typical value of a home in the United States is about $263,000, the number of “million-dollar cities” spiked sharply last year,\u00a0 according to a new Zillow analysis.\u00a0 There are 45 more U.S. cities1 with a typical home value of … <\/p>\n

Continue reading “Pandemic Year Brought Incredible Surge in ‘Million-Dollar Cities’”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-411907","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPandemic Year Brought Incredible Surge in 'Million-Dollar Cities' - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pandemic Year Brought Incredible Surge in 'Million-Dollar Cities' - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"There are 312 U.S. cities with a typical home value of at least $1 million — 45 more than a year ago. – The one-year net gain, a 17% jump in million-dollar cities, is the largest net gain in at least a decade, and follows a decline in 2019 – More than 70 percent of the million-dollar cities are concentrated in nine coastal metros, primarily San Francisco, New York and Los Angeles. PR Newswire SEATTLE, Jan. 11, 2021 \/PRNewswire\/ —\u00a0Although the typical value of a home in the United States is about $263,000, the number of “million-dollar cities” spiked sharply last year,\u00a0 according to a new Zillow analysis.\u00a0 There are 45 more U.S. cities1 with a typical home value of … Continue reading "Pandemic Year Brought Incredible Surge in ‘Million-Dollar Cities’"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T13:03:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/844956\/Zillow.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Pandemic Year Brought Incredible Surge in ‘Million-Dollar Cities’\",\"datePublished\":\"2021-01-11T13:03:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\\\/\"},\"wordCount\":881,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/844956\\\/Zillow.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\\\/\",\"name\":\"Pandemic Year Brought Incredible Surge in 'Million-Dollar Cities' - 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PR Newswire SEATTLE, Jan. 11, 2021 \/PRNewswire\/ —\u00a0Although the typical value of a home in the United States is about $263,000, the number of “million-dollar cities” spiked sharply last year,\u00a0 according to a new Zillow analysis.\u00a0 There are 45 more U.S. cities1 with a typical home value of … Continue reading \"Pandemic Year Brought Incredible Surge in ‘Million-Dollar Cities’\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-11T13:03:44+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/844956\/Zillow.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Pandemic Year Brought Incredible Surge in ‘Million-Dollar Cities’","datePublished":"2021-01-11T13:03:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/"},"wordCount":881,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/844956\/Zillow.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/pandemic-year-brought-incredible-surge-in-million-dollar-cities\/","name":"Pandemic Year Brought Incredible Surge in 'Million-Dollar Cities' - 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