--- title: Homes Worth $1 Million or More Are Now the Standard in 550 Cities description: 'Home values are rising: A new Zillow report shows there are now 500 cities where the typical home is worth $1 million or more.' authors: - name: Pete Grieve role: Lead News Reporter url: https://money.com/author/pete-grieve/ bio: Pete Grieve is a personal finance reporter at Money who frequently covers news stories about housing topics including home buying, mortgage rates and homeowners insurance. education: University of Chicago, BA Political Science at_money_since: 2022 articles: 600 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://twitter.com/pete_grieve - https://linkedin.com/in/pete-grieve-b5aa02138 - https://www.facebook.com/petegrieve4 editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2024-04-02T18:56:39.000Z' modified: '2024-04-02T18:56:39.000Z' section: Housing tags: - News word_count: 371 canonical: https://money.com/million-dollar-home-value-cities-zillow/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![San Francisco, California](https://img.money.com/2024/04/News-Cities-1-Million-Dollar-Homes.jpg) *San Francisco, California* The typical home is now worth over $1 million in 550 U.S. cities — a figure that’s grown 12% in the last year, Zillow reports. Many of the country’s most expensive real estate markets are in the largest metro areas. The New York City area alone has 106 cities with home values above $1 million, up from 82 a year ago. (This metro includes parts of New Jersey and Pennsylvania.) According to the new data from Zillow, which estimates what existing homes are worth to create an index of home values, 210 of the cities with $1 million-plus homes are in California, up from 198 last year. After New York City, the San Francisco and Los Angeles metro areas have the next most $1 million cities, with 69 and 63, respectively. The count is unchanged for San Francisco compared to a year ago, while the Los Angeles area gained seven. Overall, the number of cities where the typical home is worth at least $1 million increased by 59 from a year ago, when the count was 491. The typical home value in the U.S. is up 4.2% in the past year, rising from $335,200 to $349,200. While the increase in values means that many homeowners have gained [home equity](https://money.com/what-is-equity/), it also means that [mortgages](https://money.com/best-mortgage-lenders/) are unaffordable for many potential buyers — especially considering that [current mortgage rates](https://money.com/current-mortgage-rates/) are still nearly 7%. "The housing market is tight with few homes available, and competition is still high for attractive homes," Zillow said in a [report](https://www.zillow.com/research/million-dollar-cities-2024-33891/). "That competitive pressure is pushing home values higher across the U.S." ## States with the most $1 million cities Here's a list of the states that have the most cities where the typical home is worth $1 million or more: - California: 210 cities (+12 in the last year) - 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) ## Buy your new home with more convenience and less hassle ### A Mortgage Expert at Rocket Mortgage (NMLS #3030) can lend you a hand for a smoother process. Your dream home is possible. Click below to make it happen. [View Rates](https://money.com/pr/u918d32af718?ap_referrer=%2Fmillion-dollar-home-value-cities-zillow%2F) ![](https://s3.consumersadvocate.org/prd/image/image/26681/medium_57f09f10-efb8-487d-a73e-5f7d605144eb.png) Imagine finally owning your dream home — Rocket Mortgage (NMLS #3030) can help! [View Rates](https://money.com/pr/t39f99e0e0ab?ap_referrer=%2Fmillion-dollar-home-value-cities-zillow%2F) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/million-dollar-home-value-cities-zillow/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Buying", "item": "https://money.com/home-buying/" }, { "@type": "ListItem", "position": 4, "name": "Homes Worth $1 Million or More Are Now the Standard in 550 Cities" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/million-dollar-home-value-cities-zillow/#webpage", "url": "https://money.com/million-dollar-home-value-cities-zillow/", "name": "Homes Worth $1 Million or More Are Now the Standard in 550 Cities", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2024-04-02T18:56:39.000Z", "mainEntity": { "@id": "https://money.com/million-dollar-home-value-cities-zillow/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/million-dollar-home-value-cities-zillow/#breadcrumb" }, "dateModified": "2024-04-02T18:56:39.000Z" }, { "@type": "NewsArticle", "headline": "Homes Worth $1 Million or More Are Now the Standard in 550 Cities", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/04/News-Cities-1-Million-Dollar-Homes.jpg", "width": 2880, "height": 1920, "caption": "News-Cities-1-Million-Dollar-Homes" } ], "author": [ { "@type": "Person", "name": "Pete Grieve", "url": "https://money.com/author/pete-grieve/", "@id": "https://money.com/author/pete-grieve/#author", "description": "Pete Grieve is a personal finance reporter at Money who frequently covers news stories about housing topics including home buying, mortgage rates and homeowners insurance.", "image": "https://img.money.com/2023/02/peter.png?w=350&h=430&crop=1", "email": "peter.grieve@money.com", "jobTitle": "Lead News Reporter", "alumniOf": "University of Chicago, BA Political Science", "sameAs": [ "https://twitter.com/pete_grieve", "https://linkedin.com/in/pete-grieve-b5aa02138", "https://www.facebook.com/petegrieve4" ], "worksFor": { "@id": "https://money.com/#organization" } } ], "publisher": "https://money.com/#organization", "datePublished": "2024-04-02T18:56:39.000Z", "description": "Home values are rising: A new Zillow report shows there are now 500 cities where the typical home is worth $1 million or more.", "abstract": "Home values are rising: A new Zillow report shows there are now 500 cities where the typical home is worth $1 million or more.", "@id": "https://money.com/million-dollar-home-value-cities-zillow/", "inLanguage": "en-US", "dateModified": "2024-04-02T18:56:39.000Z", "editor": [ { "@type": "Person", "name": "Brad Tuttle", "url": "https://money.com/author/brad-tuttle/", "@id": "https://money.com/author/brad-tuttle/#author", "description": "Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.\r\n\r\n", "image": "https://img.money.com/2014/01/Brad-Tuttle.png?w=226&h=247&crop=1", "alumniOf": "Columbia University School of Journalism, MS", "sameAs": [ "https://twitter.com/bradrtuttle", "https://linkedin.com/in/brad-tuttle-834b225" ] } ], "wordCount": 371, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Housing in the United States", "sameAs": [ "https://en.wikipedia.org/wiki/Housing_in_the_United_States" ] }, { "@type": "Thing", "name": "Real estate", "sameAs": [ "https://en.wikipedia.org/wiki/Real_estate" ] }, { "@type": "Thing", "name": "Home equity", "sameAs": [ "https://en.wikipedia.org/wiki/Home_equity" ] } ] } ] } ```