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In this article:
  • There are currently 464 U.S. cities where the typical home value is $1 million or more. There were 522 at the housing market’s peak last July.

  • There are 190 of these “million-dollar” cities in California alone, more than the next six states combined. 

  • The New York, San Francisco and Los Angeles metro areas have the most million-dollar cities. 

There are 464 cities in the U.S. where the typical home is worth $1 million or more. That’s 58 fewer “million-dollar cities than last July, when home values were at their peak nationally. In the six months after the peak, the typical home in million-dollar cities lost an average of $114,500 in value. 

The housing market feels much different than recent years as it continues to rebalance toward normal. Last year set a record for the most new million-dollar cities amid supercharged housing demand. Both demand and supply hit the brakes in the second half of 2022 after mortgage rates spiked. Buyers, stretched thin in what they could afford, flocked to lower-priced homes, a reversal from earlier in the pandemic.

Expensive markets felt the biggest impact of this slowdown with fewer buyers able to use the support of historically low interest rates to help afford homes with a high price tag. The typical U.S. home is worth 4.1% less than it was last July, according to the Zillow Home Value Index. In current million-dollar cities, the typical home has lost 6.3% of its value during that time, on average.