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The standard house is now value over $1 million in 550 U.S. cities — a determine that’s grown 12% within the final yr, Zillow reviews.
Lots of the nation’s costliest actual property markets are within the largest metro areas. The New York Metropolis space alone has 106 cities with house values above $1 million, up from 82 a yr in the past. (This metro contains elements of New Jersey and Pennsylvania.)
In line with the brand new information from Zillow, which estimates what present houses are value to create an index of house values, 210 of the cities with $1 million-plus houses are in California, up from 198 final yr.
After New York Metropolis, the San Francisco and Los Angeles metro areas have the subsequent most $1 million cities, with 69 and 63, respectively. The rely is unchanged for San Francisco in comparison with a yr in the past, whereas the Los Angeles space gained seven.
General, the variety of cities the place the standard house is value a minimum of $1 million elevated by 59 from a yr in the past, when the rely was 491.
The standard house worth within the U.S. is up 4.2% prior to now yr, rising from $335,200 to $349,200. Whereas the rise in values signifies that many owners have gained home equity, it additionally signifies that mortgages are unaffordable for a lot of potential patrons — particularly contemplating that current mortgage rates are nonetheless practically 7%.
"The housing market is tight with few houses accessible, and competitors continues to be excessive for engaging houses," Zillow stated in a report. "That aggressive stress is pushing house values larger throughout the U.S."
States with probably the most $1 million cities
Here is an inventory of the states which have probably the most cities the place the standard house is value $1 million or extra:
- California: 210 cities (+12 within the final yr)
- New York: 66 cities (+8)
- New Jersey: 49 cities (+14)
- Florida: 32 cities (-2)
- Massachusetts: 31 cities (+4)
- Colorado: 21 cities (unchanged)
- Washington: 18 cities (+2)
- Hawaii: 17 cities (+1)
- Texas: 14 cities (-1)
- Maryland: 10 cities (+2)
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