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
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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