The Typical Home in These 23 Cities Will Top $1 Million for the First Time Next Year
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The $1 million home is increasingly becoming the standard around the U.S. — especially in suburbs of big coastal cities like New York, Los Angeles, and San Francisco.
The number of cities where the median home value tops $1 million has doubled over the past five years, according to a new study from the real estate site Zillow.com. The website's data indicates that 197 towns now have median home values of $1 million or higher, and it forecasts that by June 2019, 23 more communities will be added to the list.
As you might guess, the cities likely to join the $1 million home club lean heavily toward the coasts: 14 out of the 23 are in California alone. In general, the communities with median home values over $1 million "tend to be affluent and exclusive suburbs in communities adjacent to finance and tech hubs," Zillow says.
Here are the 23 cities with median home values that Zillow projects will cross the $1 million threshold by next year:
Biltmore Forest, North Carolina
Median Home Value June 2018: $978,900
Median Home Value June 2019: $1,005,018
Newark, California
Median Home Value June 2018: $919,200
Median Home Value June 2019: $1,005,404
Sammamish, Washington
Median Home Value June 2018: $945,000
Median Home Value June 2019: $1,006,068
Anna Maria, Florida
Median Home Value June 2018: $964,200
Median Home Value June 2019: $1,009,404
Lexington, Massachusetts
Median Home Value June 2018: $975,500
Median Home Value June 2019: $1,013,900
Brisbane, California
Median Home Value June 2018: $958,200
Median Home Value June 2019: $1,022,569
Bellevue, Washington
Median Home Value June 2018: $948,100
Median Home Value June 2019: $1,022,917
Roslyn, New York
Median Home Value June 2018: $964,500
Median Home Value June 2019: $1,026,293
Franklin Lakes, N.J.
Median Home Value June 2018: $993,400
Median Home Value June 2019: $1,027,625
Woodbury, New York
Median Home Value June 2018: $965,800
Median Home Value June 2019: $1,029,055
Dana Point, California
Median Home Value June 2018: $936,700
Median Home Value June 2019: $1,030,556
Belmont, Massachusetts
Median Home Value June 2018: $984,900
Median Home Value June 2019: $1,035,244
Fairfax, California
Median Home Value June 2018: $893,700
Median Home Value June 2019: $1,043,621
Seal Beach, California
Median Home Value June 2018: $964,900
Median Home Value June 2019: $1,044,530
San Clemente, California
Median Home Value June 2018: $953,400
Median Home Value June 2019: $1,052,136
La Habra Heights, California
Median Home Value June 2018: $982,300
Median Home Value June 2019: $1,059,783
Alameda, California
Median Home Value June 2018: $996,000
Median Home Value June 2019: $1,069,036
Daly City, California
Median Home Value June 2018: $986,200
Median Home Value June 2019: $1,081,408
Broadmoor Village, California
Median Home Value June 2018: $984,300
Median Home Value June 2019: $1,083,404
Los Alamitos, California
Median Home Value June 2018: $988,300
Median Home Value June 2019: $1,086,400
East Palo Alto, California
Median Home Value June 2018: $963,900
Median Home Value June 2019: $1,090,864
Morgan Hill, California
Median Home Value June 2018: $984,800
Median Home Value June 2019: $1,107,926
Burbank, California
Median Home Value June 2018: $999,500
Median Home Value June 2019: $1,182,061