BAM Key Details: 

  • A new Zillow analysis shows the U.S., as of February 2024, has 550 “million-dollar” cities (cities where the typical home is valued at $1 million or more)—59 more than last February’s total of 491. 
  • California is the state with the most million-dollar cities at 210 (up from 198 in February 2023), followed by New York and New Jersey. And Florida, Texas, and Delaware are the only states where the number of million-dollar cities declined from the previous February. 
  • New York City is the metro area with the most million-dollar cities at 106, followed by San Francisco (69) and Los Angeles (63). 

A new Zillow analysis shows the number of “million-dollar” cities—cities where the typical home is valued at $1 million or more—has grown by 59 in the space of one year. 

As of February 2024, the total number has reached a record-high 550—up from 491 and reversing losses from when home prices were fluctuating this time last year.

Today’s tight housing market, with inventory still too low to meet demand, keeps home prices rising, even while buyers continue to face affordability challenges. 

That said, there is some good news for buyers this home-shopping season: new listings are on the up as the lock-in effect loses some of its potency with homeowners. 

Zillow’s analysis suggests we may see a second wave of buyer demand in the summer months if mortgage rates come further down later this year. 

If that happens, mortgage payments on desirable homes could follow suit, as long as low inventory doesn’t drive up home prices enough to wipe out the savings. 

Affordability is still a big challenge for buyers, but that hasn’t stopped prices from growing. Buyers this spring are going to see more options to choose from, but they’ll also see a lot of other buyers wandering through the same open houses. Competition will stay fierce, especially for the most attractive and well-priced homes. If mortgage rates drop later this year, as many expect, we may see a surge in million-dollar cities as even more buyers jump in and drive prices higher.

Anushna Prakash

Economic research data scientist at Zillow

When home values dropped in late 2022, million-dollar cities were hit harder than the typical U.S. city. But over the past year, their home value growth has generally tracked with the national market. 

The value of the typical U.S. home has gone up by 4.2% from a year ago. In today’s million-dollar cities, the median annual growth in home values is 4.6%. 

California has the most million-dollar cities of any state

Among states with million-dollar cities, California easily takes the lead with 210—more than the next five states combined. 

New Jersey takes the lead among states with year-over-year increases, adding 14 million-dollar states since last February. 

The only states recording a net loss in million-dollar cities this year are Florida, Texas, and Delaware. Florida lost three—Siesta Key, Santa Rosa Beach, and Sanibel—while gaining one: the Village of Palmetto Bay, near Miami. 

Texas lost two in the Austin area—Sunset Valley and Volente—and added one: Bellaire, outside Houston. 

The value of the typical home in Delaware’s Dewey Beach dropped below $1 million. 

Million-dollar cities by state: 

  1. California (210 million-dollar cities in February 2024, up from 198 in February 2023)
  2. New York (66 in February 2024, up from 54 in February 2023)
  3. New Jersey (49 – up from 35)
  4. Florida (32 — down from 34)
  5. Massachusetts (31 — up from 27)
  6. Colorado (21 — unchanged from February 2023)
  7. Washington (18 — up from 16)
  8. Hawaii (17 — up from 16)
  9. Texas (14 — down from 15)
  10. Maryland (10 — up from 8)
  11. Virginia (7 — up from 5)
  12. South Carolina (6 — unchanged)
  13. Connecticut (6 — up from 5)
  14. Minnesota and Utah (6 — up from 4)
  15. Illinois (6 — up from 3)
  16. Missouri (5 — unchanged)
  17. Nevada, North Carolina, and Wyoming (4 — unchanged)
  18. Montana (4 — up from 3)
  19. Arizona (4 — up from 2)
  20. Idaho and Tennessee (3 — unchanged)
  21. New Hampshire (3 — up from 2)
  22. Ohio (2 — unchanged)
  23. Pennsylvania (2 — up from 0)
  24. Delaware (1 — down from 2)
  25. Georgia, Kansas, Maine, Michigan, Rhode Island, and Wisconsin (1 — unchanged)

Among U.S. metro areas, New York City has the most million-dollar cities

New York City leads metro areas with 106 million-dollar cities—up 24 from the previous year.

Up next is San Francisco with 69, followed by Los Angeles with 63. 

Coastal states are where you’ll find the 11 metros with the most million-dollar cities. The top metro areas in states not touching either coast are Dallas with eight million-dollar cities and Denver with seven.

After the NYC metro area, Los Angeles added the most million-dollar cities—up from last year by seven. Meanwhile, Boston added four, and San Diego, Chicago, and San Luis Obispo each gained three. 

Zillow-Metro-areas-with-the-most-million-dollar-cities

Source: Zillow

Million-dollar cities by metro area: 

  1. New York City, NY—including parts of New Jersey and Pennsylvania (106—up from 82)
  2. San Francisco, CA (69 — unchanged from February 2023)
  3. Los Angeles, CA (63 — up from 56 in February 2023)
  4. Boston, MA (23 — up from 19)
  5. San Jose, CA (18 – unchanged)
  6. Seattle, WA (17 — up from 15)
  7. Miami–Fort Lauderdale, FL (17 — up from 16)
  8. Washington, D.C. (14 — up from 12)
  9. San Diego, CA (10 — up from 7)
  10. Santa Maria–Santa Barbara, CA; Santa Rosa, CA (9 — unchanged)

Read the full analysis for more.