• There are 312 U.S. cities with a typical home value of at least $1 million, 45 more than a year ago — a gain of 17% and the largest net increase in at least a decade, following a decline in 2019.
• More than 70 percent of the million-dollar cities are concentrated in nine coastal metros, primarily San Francisco, New York and Los Angeles. 

The typical value of a home in the United States is a little more than a quarter-million dollars ($263,351 in November 2020, to be exact). But in 312 cities and towns nationwide, the typical home is worth a cool million or more,  up 45 from a year ago and an increase of 104 from five years ago.

This net gain of 45 cities in membership in the million-dollar city club is the largest increase in at least a decade —  a reflection of the red hot market last year in which home values grew 7.5% annually in November on the back of surging housing demand through most of 2020.  In 2019, home values appreciated at the lowest annual rate since 2013, and a net of two cities fell below the $1 million threshold. 

A majority (70%) of the nation’s million-dollar cities are concentrated within nine coastal metro areas. Among those, 61 are in the San Francisco metro area, 51 are clustered around New York City and 39 are in the Los Angeles area. The metro areas of San Jose (20 cities), Boston (11),  Miami-Fort Lauderdale (11), Seattle (9) and Washington, D.C., (8) also have multiple cities where the typical home value exceeds $1 million. 

Still, despite the label, there are homes available in these communities for less than $1 million — this is just the median value — but buyers must be realistic about their wish list in these areas and act quickly in the current market.  For sellers, it is possible to capitalize on the recent growth in these markets and use profits from a sale to relocate to far less-expensive markets – particularly with an increase in remote work offering flexibility in the job market.

Atherton, Calif., near San Francisco, has the highest typical home value in the country at about $6.6 million. Hunts Point, Wash., near Seattle, is No. 2,  with typical values around $6 million. Sagaponack, New York, and Jupiter Island, Fla. (Port St. Lucie metro area), follow with typical values north of $5 million. There are six additional cities with typical home values over $4 million, 21 more with values over $3 million, and another 38 with values over $2 million. 

Historically, the list of million-dollar cities is dominated by areas that offer natural amenities like proximity to the ocean and mountains, and many of the cities that joined the list this year fit that mold. Some newcomers include Potomac, Maryland; Longport, Long Beach Township and Allenhurst in New Jersey; and Westhampton and the Town of Shelter Island in New York. Calistoga and Yountville in California’s Napa Valley also crossed the $1 million threshold in 2020, as well as Incline Village, Nevada, in the Lake Tahoe area.

If current rates of appreciation hold, two additional Coastal California cities could join the $1 million club in the coming months — El Cerrito and Cayucos.