In February, the country had 550 "million-dollar" cities, or areas where the "typical" home value is $1 million or more, according to a new analysis by Zillow.
That is a gain of 59 cities from 2023, and edges out the previous record of 522 such cities when home values peaked in 2022.
Some places have lost 'million-dollar city' statusCalifornia has the most million-dollar cities, with 210.
Even though there are more million-dollar cities this year, the record amount is connected to how the lock-in effect is affecting an area's supply, according to Olsen.
"In those places where we've lost million-dollar cities … they're not as locked in, and they have a lot more of that new construction that helps that picture, too," she said.
Persons:
Jon Lovette, Skylar Olsen, Zillow, Olsen, we've
Organizations:
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Locations:
U.S, California, — New York , New Jersey , Florida , Massachusetts, Colorado