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‘Million-dollar cities’ are much less common now than they were six months ago

by Emily Marek

There are 58 less million-dollar cities in the U.S. than there were in July of last year, according to a new report from Zillow.

The real estate website classifies “million-dollar cities” as any city where the typical home costs over $1 million — but now that the housing market has calmed from its peak last summer and prices have started to cool, these neighborhoods are fewer and farther between.

Most million-dollar cities lie on either the East or West Coast. Of 464 cities where the typical home costs over $1 million, 387 are in a coastal state.

California still has the most million-dollar cities — but the Golden State also lost the most million-dollar cities in the past six months, with only 190 cities making the cut in January 2023 compared to 210 in July 2022.

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