SEATTLE, Feb. 16, 2022 /PRNewswire/ -- A record 146
U.S. cities became new "million-dollar cities" in 2021, Zillow data
shows. There are now 481 cities in which the typical home value is
at least $1 million. If current rates
of appreciation hold, 49 more could join the $1 million club by midyear.
The number of cities that crossed the $1
million threshold in 2021 is almost triple that of cities
reaching those heights in 2020, underscoring a record-setting year
of home appreciation that saw the typical U.S. home gain 19.6% in
value.
The majority of million-dollar cities are clustered within a few
large coastal regions; the San
Francisco and New York
metro areas lead the way with 76
million-dollar cities each. The Los Angeles metro is third with 57 cities, and
San Jose is fourth with 22. In
total, 60% of all million-dollar cities lie within eight metro
areas, and almost half (44%) are in California.
"The surge in demand for housing last year sent home values
skyrocketing, even in places where prices already were sky-high,
and that helped tip a record number of cities into the
million-dollar club," said Jeff
Tucker, Zillow senior economist. "The locations of these
newly seven-figure towns bust the myth that everyone fled
California and the Northeast last
year, as California, Massachusetts and New York led the pack for the most new cities
with home values above $1 million.
Still, we're seeing how the geography of wealth in the U.S. has
begun to shift, as 2021 was the first year for both Idaho and Montana to place any cities on this list, and
now those Western states boast three
million-dollar cities each."
Indian Creek, Florida, an
exclusive 300-acre island in Biscayne Bay in Miami, is the most expensive city in the
country, with a typical home value of around $28.3 million. The city has a total population of
fewer than 100 residents, including a handful of high-profile
celebrities such as Tom Brady and
Gisele Bündchen. In the No. 2 spot is Atherton, a small town on the San Francisco Peninsula where the typical home
value sits around $7.7 million.
Hunts Point, Washington;
Jupiter Island, Florida; and
Sagaponack, New York fill out the
top five, with typical home values of roughly $6 million each.
"With such sharp increases in home prices over the last year,
we're seeing tons of demand come from current homeowners who've
decided to tap into their home equity to move up into their dream
home," said Erik Throm, an agent
with Fast Real Estate in San
Francisco. "But even expensive homes are moving quickly in
this market, and shoppers should be prepared with a
pre-qualification letter and the help of a trusted local agent who
knows the pros and cons of their specific neighborhood and how to
structure a winning bid that still protects a buyer in an
incredibly competitive and high-priced market. "
Metros with the
Most $1 Million Cities (December 2021)
|
Metro
|
Number of $1
Million Cities
|
|
|
New York, New
York
|
76
|
San Francisco,
California
|
76
|
Los Angeles,
California
|
57
|
San Jose,
California
|
22
|
Boston,
Massachusetts
|
18
|
Seattle,
Washington
|
16
|
Miami,
Florida
|
14
|
Washington,
D.C.
|
11
|
Santa Maria–Santa
Barbara, California
|
9
|
Santa Rosa,
California
|
9
|
Growth of $1
Million Cities
|
|
|
|
Year
|
Total Number of $1
Million
Cities
|
Number of Net New
$1 Million
Cities1
|
2021
|
481
|
145
|
2020
|
336
|
51
|
2019
|
285
|
-7
|
2018
|
292
|
20
|
2017
|
272
|
38
|
2016
|
234
|
17
|
2015
|
217
|
16
|
2014
|
201
|
22
|
2013
|
179
|
40
|
2012
|
139
|
13
|
2011
|
126
|
-16
|
Top 10 Most
Expensive Cities
|
2021
|
2021 Typical
Home
Value
|
2011
|
2011 Typical
Home
Value
|
1.
Indian Creek, Florida
|
$28,326,518
|
Indian Creek,
Florida
|
$15,558,572
|
2.
Atherton, California
|
$7,698,328
|
Atheron,
California
|
$3,827,781
|
3.
Hunts Point, Washington
|
$7,013,823
|
Jupiter Island,
Florida
|
$3,101,817
|
4.
Jupiter Island, Florida
|
$6,852,623
|
Sagaponack, New
York
|
$3,073,341
|
5.
Sagaponack, New York
|
$5,957,385
|
Belvedere,
California
|
$2,824,324
|
6.
Hillsborough, California
|
$5,369,777
|
Hunts Point,
Washington
|
$2,567,069
|
7.
Los Altos Hills, California
|
$5,250,550
|
Hillsborough,
California
|
$2,552,220
|
8.
Golden Beach, Florida
|
$5,178,527
|
Los Altos Hills,
California
|
$2,497,842
|
9.
Belleair Shore, Florida
|
$4,966,651
|
Montecito,
California
|
$2,424,874
|
10. Belvedere,
California
|
$4,689,895
|
Golden Beach,
Florida
|
$2,364,450
|
About Zillow Group
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1 Editor's note: One city lost its
million-dollar city status in 2021, so the net change is 145, even
though there were 146 new cities on the list.
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SOURCE Zillow