Million-dollar homes are becoming more common, with the U.S. having 621 cities where a typical home is worth $1 million or more.While high interest rates have caused commercial real estate prices to fall, it hasn’t had the same impact on the residential market. Housing inventory has increased, but it still remains below average historical levels. At the same time, while mortgage rates have fallen, U.S. home prices continue to climb, nearing record highs.This graphic shows the number of cities in each U.S. state where a typical home costs $1 million or more, based on data from Zillow.Ranked: The Number of Million-Dollar Cities, by State
Below, we show the number of cities where a typical home (the average home in the 35th to 65th percentile) costs $1 million or more by state:
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41 sats \ 0 replies \ @Golu 9 Sep
I've seen California homes in videos and it's just one of my big dreams to own one.
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44 sats \ 1 reply \ @Undisciplined 9 Sep
That's an odd metric, considering how much "number of cities" varies across the country. On the east coast there are tons of tiny little cities crammed together that for all intent's and purposes are part of the same metropolitan area.
It's still interesting, but I bet some of the surprising values can be explained from that heterogeneity.
It seems like "fraction of single family homes > $1M" would be more telling.
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40 sats \ 0 replies \ @0xbitcoiner OP 9 Sep
I didn't pay attention to the specific metric used, but it seems like you're right.
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31 sats \ 5 replies \ @grayruby 9 Sep
Oh Canada!
https://www.blogto.com/real-estate-toronto/2022/03/creepy-ramshackle-house-listed-1-million-toronto-real-estate/
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40 sats \ 4 replies \ @0xbitcoiner OP 9 Sep
Shocked! That was in 2022, I wonder what the price is now. Isn't it the land that holds that value? Because the house in the photos seems ready to be demolished.
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32 sats \ 3 replies \ @grayruby 9 Sep
Definitely over 1M now. (remember that is Canadian dollars, so we are talking about approximately 700k in USD).
Yes, I am sure someone bought this house. Tore it down, spent 750k-1M to build a skinny three story house and sold it for 2.5M. Very common in Toronto.
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21 sats \ 2 replies \ @grayruby 9 Sep
Found it. Google maps July 2024. Ugly skinny house on top of your neighbours in a crappy area of the city. Not for sale yet but curious what they will list it for.
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20 sats \ 1 reply \ @JesseJames 9 Sep
I can't believe they call this a house, where you can see (and hear) what a neighbor has for breatfast...lol. This is a ghetto schack...lmao
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0 sats \ 0 replies \ @grayruby 9 Sep
It's unbelievable. When I had my business in the city there was a site in mid-town I had to visit once per week. To get to the parking I had to take a couple residential streets to access the back of building. Anyways all the houses on these streets would be 2M plus. They are all built one on top of the other with barely enough room for one car in the driveway. There were always cars parked along the street that you had to wait for cars going the opposite way to pass to get around. Someone was always having work done on their home so there was usually contractor vans and trucks or landscaping trucks parked on the street or up on the sidewalk. It was a complete shit show and these people all think they are living some great upper middle class life with a house in the centre of the city.
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11 sats \ 0 replies \ @Coinsreporter 10 Sep
Huge difference between CA and NY. I know CA is way better for living conditions, but that's not a criteria for high real estate prices.
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11 sats \ 0 replies \ @JesseJames 9 Sep
Just wait few more months, all of our houses will be over $1Mil...lol
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11 sats \ 0 replies \ @Msd0457890 9 Sep
It's a bit surprising, but the question is why are prices going up? There is not enough housing for sale to meet the demand, and that opens the market to price wars. The largest supply comes from the market for existing homes, but homeowners with much cheaper mortgages than the current ones have decided not to sell.
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0 sats \ 1 reply \ @Satosora 10 Sep
This is interesting.
I thought there would be more in each state.
Is this based on sold houses?
Im not sure Zillow is that accurate...
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0 sats \ 0 replies \ @0xbitcoiner OP 10 Sep
i don't know
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0 sats \ 0 replies \ @Satoshi__Nakamoto 9 Sep
I am shocked by calafornia
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