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Number of cities with million-dollar homes is growing

Posted by The Aramco Group on Mon, Aug 13, 2018 @ 14:08 PM

With home prices across the U.S. climbing at the fastest rate in years, experts are forecasting that the number of cities across the nation with median home values in excess of $1 million is expected to grow substantially. Currently, 197 markets fall into this category, but real-estate website predicts 23 more cities nationwide will be added to this tally over the next 12 months.

“The number of million-dollar cities has doubled over the past five years,” said Zillow senior economist Aaron Terrazas. “The number of cities where more than half of homes are valued in the seven digits is expected to jump to a new all-time high over the next 12 months.”

At least five areas of the San Diego metropolitan area are already on the list, including Coronado, Del Mar, Encinitas, Rancho Santa Fe and Solana Beach.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.5 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.0 percent.

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