The U.S. housing market continues to reach record costs as there are currently 550 cities where the frequent home value is $1 million or more, according to new market data.
There are a record-high 550 "million-dollar" cities, or municipalities where the typical home is worth $1 million or higher, Zillow data shows in a report published Tuesday. The increase is 59 more million-dollar cities than in 2023, "reversing losses from when home values were wobbling this time last year," the real estate marketplace company said.
Million-dollar cities have tracked with the national housing market over the past year despite the municipalities being more affected than "the typical U.S. city. The typical U.S. home is worth 4.2% more than it was a year ago. In current million-dollar cities, the median year-over-year home value growth is 4.6%.
California has become somewhat of the epicenter for million-dollar cities as the state added 12 more in 2024 for a total of 210, which is more than the next five states combined. New Jersey is the only state to add more million-dollar cities over the past year, gaining 14.
Homes may be more affordable in Florida, Texas and Delaware as they're the only states to experience a net loss in million-dollar cities over the past year.
