There are 218 cities with a typical home value of at least $1 million, three more cities than there was in December 2018, according to a new report from Zillow.
In its report, Zillow said that an average of just under 20 cities a year broke the $1 million threshold from 2014-2018, including a high of 25 in 2017 when home value growth was approaching 7% per year.
But last year was the first year since 2016 that any cities actually fell off of the $1 million list, as home values declined in some expensive areas after a period of extreme price growth.
New Entrants to the Million Dollar Club
Seven cities earned the $1 million distinction during the course of 2019 — Santa Ynez, Calif.; Telluride, Colo.; Forest Hills, Tenn.; Sierra Madre, Calif.; McLean, Va.; Moose, Wyo.; and Redondo Beach, Calif. — while four lost value and fell off of the list — San Jose, Calif.; San Quentin, Calif.; Lexington Hills, Calif.; and Laie, Hawaii.
Expected Entrants to the Million Dollar Club in 2020
If current rates of appreciation hold throughout 2020, 11 cities that just missed out in 2019 will join the $1 million club next year — Needham, Mass.; Edgartown, Mass.; Longport, N.J.; and East Pasadena, Glen Ellen, Alameda, View Park-Windsor Hills, Avila Beach, Clayton, Carmel Valley and Dana Point, all in California.
Cities Expected to Exit the Million Dollar Club in 2020
Five cities will lose their $1 million status in 2020, assuming their current rates of decline hold true. They are Kailua, Hawaii; Milpitas, Calif.; Harding Township, N.J.; Daly City, Calif; and Fremont, Calif.