Number of Million Dollar Cities Falls From Peak

A million dollar city – as defined by a recent analysis of home values – is any area where the typical home is worth $1 million or more. Last year, the number of million dollar cities hit a record high, reaching 522 in July when the housing market peaked. In subsequent months, though, the market has slowed and the number of million dollar cities has fallen. In fact, the most recent numbers show there are 58 fewer million dollar cities than there were last summer. Currently, there are 464 million dollar cities, with 190 of them in California alone. The drop is due largely to the fact that high-end housing markets have seen bigger price cuts than more affordable areas. In million dollar cities, for example, the typical home’s value has fallen 6.3 percent, equaling an average loss of $114,500. But while that means home sellers may not get as much for their homes as they would’ve had they sold earlier, qualified buyers looking for a house to buy in these areas may see it as an opportunity. (source)

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