flexiblefullpage - default
Currently Reading

Number of Million-Dollar Cities Rose to Record High in 2021

billboard - default
Housing Markets

Number of Million-Dollar Cities Rose to Record High in 2021

The million-dollar metro club welcomed an additional 146 seven-figure cities in 2021, the most ever in a single year

February 16, 2022
million-dollar city
Image: Stock.adobe.com

A record 146 new U.S. cities became “million-dollar cities” in 2021 as typical home prices rose to at least $1 million in some areas, bringing the total number of millionaire metros to 481, according to Zillow. If current appreciation rates carry over into the second quarter of 2022, 49 additional cities will join the $1 million club, pushing the new record even higher.

A surge in housing demand led to sky-high price gains throughout 2021 as the typical U.S. home gained 19.6% in value. Though most million-dollar cities exist within major coastal metros, new states like Idaho, Montana, and Tennessee tallied record price gains which pushed more unexpected seven-figure cities into the mix. 

The surge in demand for housing last year sent home values skyrocketing, even in places where prices already were sky-high, and that helped tip a record number of cities into the million-dollar club. The locations of these newly seven-figure towns bust the myth that everyone fled California and the Northeast last year, as California, Massachusetts and New York led the pack for the most new cities with home values above $1 million. Still, we’re seeing how the geography of wealth in the U.S. has begun to shift, as 2021 was the first year for both Idaho and Montana to place any cities on this list, and now those Western states boast three million-dollar cities each.

Read more

Related Stories

Infill Housing

Urban Infill Developments Bring Modern Touch to Historic Neighborhoods

More and more builders are taking advantage of urban infill opportunities to provide luxury and amenities

Land Planning

Across the Country, Developers Are “Fighting for Land”

A strong demand for homes and a lack of supply will mean land prices will continue to rise

Housing Policy + Finance

Moody's Analytics: 210 Regional Housing Markets Were Overvalued by More Than 25% in the 2nd Quarter of 2022

A housing correction looms, with some markets seeing housing activity slowing and home prices falling

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.