California and New York have the largest share of million-dollar homes, making up most of the 550 cities with high home values.
Home prices are reaching a peak. Currently, 550 cities in the U.S. have home values that average $1 million or more, a Zillow report found. Last year, 491 cities boasted average home values over $1 million. The rise in cities with high-priced homes is due to the tight housing market driving prices up. California has the largest number of metro areas with million-dollar homes. With 210 million-dollar cities, California has more than the next five states combined.
Although luxury home prices rose in the first quarter by 9%, this hasn’t stopped buyers from seeking them out, Redfin reported. Luxury home sales rose 2% even as non-luxury home sales declined by 4%. High mortgage rates don’t have the same effect on luxury buyers, since many high-priced homes are bought with cash. Nearly 50% of million-dollar homes were bought with cash at the beginning of this year, Redfin found.
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