• There are currently 550 U.S. cities where the typical home value is $1 million or more, up from 491 a year ago.
• California easily boasts the most million-dollar cities, followed by New York and New Jersey. 
• Florida, Texas and Delaware are the only states with a net loss in million-dollar cities over the past year.

The U.S. has a record-high 550 “million-dollar” cities — cities where the typical home is worth $1 million or more — new Zillow data shows. That is 59 more million-dollar cities than a year ago, reversing losses from when home values were wobbling this time last year.

Affordability is still a big challenge for buyers, but that hasn’t stopped home values from climbing. The housing market is tight with few homes available, and competition is still high for attractive homes. That competitive pressure is pushing home values higher across the U.S. 

The good news for buyers in the market this home shopping season is that new listings are on the rise as the effects of “rate lock” are weakening. If mortgage rates drop later this year, as many expect, that may mean a second wave of buyer demand that drives prices higher.
While million-dollar cities were affected more than the typical U.S. city when home values fell in late 2022, they have generally tracked with the national market over the past year. 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%. 

There’s California, Then Everywhere Else

California is home to 210 million-dollar cities, more than the next five states combined, and 12 more than a year ago. New Jersey has added the most million-dollar cities over the past year, gaining 14.

Florida, Texas and Delaware are the only states to have a net loss in million-dollar cities over the past year. 

Florida lost three million-dollar cities — Siesta Key, Santa Rosa Beach and Sanibel — while adding one in the Village of Palmetto Bay, near Miami. Texas lost two million-dollar cities in the Austin area, Sunset Valley and Volente, and added Bellaire, outside of Houston. The typical home in Delaware’s Dewey Beach fell below the million-dollar cutoff. 

Million-Dollar Cities by State

New York City Area Stands Above

The New York City metro area, which includes parts of New Jersey and Pennsylvania, has the most million-dollar cities with 106 — 24 more than a year ago. San Francisco is next with 69, followed by Los Angeles with 63. 

Coastal states are home to the 11 metros with the most million-dollar cities. Dallas with eight million-dollar cities and Denver with seven are the top metros in states that don’t touch either coast. 

Other than the New York City metro area, Los Angeles gained the most million-dollar cities over the past year, adding seven. Boston added four during that time, and San Diego, Chicago and San Luis Obispo each added three. 

Metro Areas With the Most Million-Dollar Cities