A “million dollar” city is one where the typical home is worth $1 million or more. These days, there are more of them than you might think. In fact, according to one new analysis, there are 550, up from 491 last year at the same time. The growing number of million dollar cities is largely due to the low inventory of homes for sale. Too few available homes has been driving prices higher for years and has continued to even after mortgage rates rose from historic lows. But while price increases have helped create more million dollar cities, they mostly remain in familiar locations. For example, 210 of them are located in California alone, with New York and New Jersey accounting for another 115. States like Georgia, Kansas, Michigan, and Maine, on the other hand, only have one each. (source)
