Three cities joined the million dollar home club in 2019. According to a recent MReport, there are 218 cities in the United States that have an average home value of $1 million. In the past five years, 74 cities have been added to this list. According to Zillow, three cities is the lowest amount in several years. In 2018, eighteen cities were added. While there are cities being added to this list each year, there are also cities who are removed from the list. In 2019, San Jose, San Quentin, Lexington Hills, and Laie all lost their $1 million city status.
WHAT IS ZILLOW PREDICTING?
The report concluded that the cities on this list are struggling the most. “More than just slower growth, home values good and truly fell in many of these hubs of luxury, a sign that the excessive home value appreciation of the past several years drove prices too high—even beyond the reach of those who could afford almost anything almost anywhere else,” according to Skyler Olsen, Zillow’s Director of Economic Research. In addition, Zillow predicts that eleven cities will be added and five will be taken off in 2020. Eight of the eleven cities that are predicted to have average home value of $1 million are in the state of California. Three of the five being taken off are also in the state of California.
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